Annual Report September 30, 2016
Annual ReportSeptember 30, 2016
2Annual Report
Trustee’s Message to Participants 5Performance: The Bottom Line 6Market Recap 42Fund Talk: The Managers’ Overview 43UNIQUE College Portfolio (Fidelity Funds) 45 Investment Summary
46 Investments47 Financial Statements
UNIQUE Portfolio 2015 (Fidelity Funds) 49 Investment Summary50 Investments51 Financial Statements
UNIQUE Portfolio 2018 (Fidelity Funds) 53 Investment Summary54 Investments55 Financial Statements
UNIQUE Portfolio 2021 (Fidelity Funds) 57 Investment Summary58 Investments59 Financial Statements
UNIQUE Portfolio 2024 (Fidelity Funds) 61 Investment Summary62 Investments63 Financial Statements
UNIQUE Portfolio 2027 (Fidelity Funds) 65 Investment Summary66 Investments67 Financial Statements
UNIQUE Portfolio 2030 (Fidelity Funds) 69 Investment Summary70 Investments71 Financial Statements
UNIQUE Portfolio 2033 (Fidelity Funds) 73 Investment Summary74 Investments75 Financial Statements
UNIQUE Conservative Portfolio (Fidelity Funds) 77 Investment Summary78 Investments79 Financial Statements
UNIQUE Moderate Growth Portfolio (Fidelity Funds)
81 Investment Summary82 Investments83 Financial Statements
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
85 Investment Summary86 Investments87 Financial Statements
UNIQUE Money Market Portfolio 89 Financial StatementsUNIQUE College Portfolio (Fidelity Index) 91 Investment Summary
92 Investments93 Financial Statements
UNIQUE Portfolio 2015 (Fidelity Index) 95 Investment Summary96 Investments97 Financial Statements
Contents
3 Annual Report
UNIQUE Portfolio 2018 (Fidelity Index) 99 Investment Summary100 Investments101 Financial Statements
UNIQUE Portfolio 2021 (Fidelity Index) 103 Investment Summary104 Investments105 Financial Statements
UNIQUE Portfolio 2024 (Fidelity Index) 107 Investment Summary108 Investments109 Financial Statements
UNIQUE Portfolio 2027 (Fidelity Index) 111 Investment Summary112 Investments113 Financial Statements
UNIQUE Portfolio 2030 (Fidelity Index) 115 Investment Summary116 Investments117 Financial Statements
UNIQUE Portfolio 2033 (Fidelity Index) 119 Investment Summary120 Investments121 Financial Statements
UNIQUE Conservative Portfolio (Fidelity Index) 123 Investment Summary124 Investments125 Financial Statements
UNIQUE Moderate Growth Portfolio (Fidelity Index)
127 Investment Summary128 Investments129 Financial Statements
UNIQUE Aggressive Growth Portfolio (Fidelity Index)
131 Investment Summary132 Investments133 Financial Statements
UNIQUE Intermediate Treasury Index Portfolio 135 Financial StatementsUNIQUE International Index Portfolio 137 Financial StatementsUNIQUE Fidelity® 500 Index Portfolio 139 Financial StatementsUNIQUE Total Market Index Portfolio 141 Financial StatementsUNIQUE Bank Deposit Portfolio 143 Financial StatementsUNIQUE College Portfolio (Multi-Firm) 145 Investment Summary
146 Investments147 Financial Statements
UNIQUE Portfolio 2015 (Multi-Firm) 149 Investment Summary150 Investments151 Financial Statements
UNIQUE Portfolio 2018 (Multi-Firm) 153 Investment Summary154 Investments155 Financial Statements
UNIQUE Portfolio 2021 (Multi-Firm) 157 Investment Summary158 Investments159 Financial Statements
4Annual Report
UNIQUE Portfolio 2024 (Multi-Firm) 161 Investment Summary162 Investments163 Financial Statements
UNIQUE Portfolio 2027 (Multi-Firm) 165 Investment Summary166 Investments167 Financial Statements
UNIQUE Portfolio 2030 (Multi-Firm) 169 Investment Summary170 Investments171 Financial Statements
UNIQUE Portfolio 2033 (Multi-Firm) 173 Investment Summary174 Investments175 Financial Statements
Notes to Financial Statements 177Independent Auditor’s Report 180
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of the State of New Hampshire or of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the holders of units of the Portfolios. This report is not authorized for distribution to prospective participants in the Portfolios unless preceded or accompanied by a current Fact Kit.
Portfolio units are not deposits or obligations of, or guaranteed by, any depository institution. Units are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Although the underlying deposits are eligible for FDIC insurance, subject to applicable federal deposit insurance limits, the Units of the Bank Deposit Portfolio are not insured or guaranteed by the FDIC or any other government agency. You are responsible for monitoring the total amount of your assets on deposit at the depository bank, including amounts held directly at the depository bank. All such deposits held in the same ownership capacity at the depository bank are subject to aggregation and to the current FDIC insurance coverage limitation of $250,000. Please see a 529 Fact Kit for more details.
Neither the Portfolios, the mutual funds in which they invest, nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. For more information on the UNIQUE College Investing Plan, call 1-800-544-1914 for a free Fact Kit. Read it carefully before you invest or send money.
5 Annual Report
Trustee’s Message to Participants
Dear Participant:
On behalf of the State of New Hampshire and the College Tuition Savings Plan Advisory Commission (the “Commission”), I am pleased to provide you with your UNIQUE College Investing Plan (the “Plan”) Annual Report for the one-year period from October 1, 2015, through September 30, 2016.
The Annual Report is designed to provide participants with an opportunity to review the Plan in depth, including the performance of the Portfolios, along with expense, holdings and asset allocation information. Additionally, the Managers’ Overview, a discussion with Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion, provides insight into Portfolio and market performance over the past year, as well as an outlook for the months ahead.
Beginning in 2016, Fidelity added four additional underlying Portfolio Managers to assist in the fund selection process for 529 Multi-Firm Portfolios. Andrew Dierdorf and Brett Sumsion continue to manage asset allocation, fund oversight and Portfolio management. The new Portfolio Managers include John Stone (U.S. Equity), Wilfred Chilangwa (International and Emerging Markets), Gregory Pappas (Fixed Income), and Larry Rakers (Commodities).
Since our last report, changes were made to the money market fund used in all 529 age-based portfolios in response to recent money market reform. All age-based portfolios now include FIMM Government Money Market in place of FIMM Money Market.
Also, as announced on July 6, 2016, total asset-based fees for Fidelity Index Portfolios within Fidelity-managed direct-sold 529 plans have dropped by between 30% and 52%. This reduction is the result of recent enhancements made to Fidelity’s overall index fund line-up, now providing Fidelity’s 529 Index Portfolios access to lower-priced share classes for underlying mutual funds, as well as a drop in total net expenses for those funds.
U.S. stocks gained substantial ground this year, overcoming uncertainty about the global economy, U.S. Federal Reserve monetary policy and the U.K.’s June vote to leave the European Union (Brexit). The large-cap S&P 500® Index rose 15.43%, as value-oriented and small-cap stocks outperformed. Outside the U.S., Asia-Pacific excluding Japan fared best. Emerging markets were aided by rising commodities prices. Europe and the U.K. fell behind, beset by Brexit and other stressors. Meanwhile, the U.S. bond market saw solid gains driven partly by demand for the relatively higher yields and stability of U.S. fixed-income securities.
We understand that our participants are concerned about how to save and pay for a college education, and we know that every dollar saved is important. You can take comfort in knowing that any growth of your investments will be tax deferred and withdrawals for quali-fied higher education expenses will be free from federal income tax. Lastly, we encourage you to call Fidelity’s dedicated college planning representatives at 1-800-544-1914 to review your Plan account to help determine whether your investments are appropriately allocated based on your college savings goals.
Thank you for choosing the UNIQUE College Investing Plan. We look forward to serving your needs for years to come.
Sincerely,
William F. Dwyer
State Treasurer, State of New Hampshire
6Annual Report
UNIQUE College Portfolio (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE College Portfolio (Fidelity Funds) 6.41% 22.59% 41.86%
UNIQUE College Portfolio Composite Index 5.40% 21.45% 41.75%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE College Portfolio Composite Index, an approxi-mate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE College Portfolio (Fidelity Funds) 6.41% 4.16% 3.56%
UNIQUE College Portfolio Composite Index 5.40% 3.96% 3.55%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.96%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.49%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 4.79%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% 2.31%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $14,186 UNIQUE College Portfolio (Fidelity Funds) $14,175 UNIQUE College Portfolio Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE College Portfolio (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE College Portfolio Composite Index performed over the same period.
7 Annual Report
UNIQUE Portfolio 2015 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2015 (Fidelity Funds) 6.45% 31.80% 45.15%
UNIQUE Portfolio 2015 Composite Index 5.40% 29.92% 46.29%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2015 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2015 (Fidelity Funds) 6.45% 5.68% 3.80%UNIQUE Portfolio 2015 Composite
Index 5.40% 5.37% 3.88%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 4.79%MSCI ACWI (All Country World Index)
ex USA Index 9.45% 6.18% 2.31%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 7.49%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.96%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $14,515 UNIQUE Portfolio 2015 (Fidelity Funds) $14,629 UNIQUE Portfolio 2015 Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2015 (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2015 Composite Index performed over the same period.
8Annual Report
UNIQUE Portfolio 2018 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2018 (Fidelity Funds) 7.69% 43.86% 51.76%
UNIQUE Portfolio 2018 Composite Index 6.74% 41.60% 54.17%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2018 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2018 (Fidelity Funds) 7.69% 7.54% 4.26%UNIQUE Portfolio 2018 Composite
Index 6.74% 7.20% 4.42%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 4.79%MSCI ACWI (All Country World Index)
ex USA Index 9.45% 6.18% 2.31%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 7.49%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.96%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $15,176 UNIQUE Portfolio 2018 (Fidelity Funds) $15,417 UNIQUE Portfolio 2018 Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2018 (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2018 Composite Index performed over the same period.
9 Annual Report
UNIQUE Portfolio 2021 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2021 (Fidelity Funds) 8.94% 56.02% 56.02%
UNIQUE Portfolio 2021 Composite Index 8.14% 53.50% 60.32%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2021 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2021 (Fidelity Funds) 8.94% 9.30% 4.55%UNIQUE Portfolio 2021 Composite
Index 8.14% 8.95% 4.83%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 7.49%MSCI ACWI (All Country World Index)
ex USA Index 9.45% 6.18% 2.31%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 4.79%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.96%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $15,602 UNIQUE Portfolio 2021 (Fidelity Funds) $16,032 UNIQUE Portfolio 2021 Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2021 (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2021 Composite Index performed over the same period.
10Annual Report
UNIQUE Portfolio 2024 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2024 (Fidelity Funds) 10.06% 66.91% 59.30%
UNIQUE Portfolio 2024 Composite Index 9.45% 64.74% 65.71%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2024 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Portfolio 2024 (Fidelity Funds) 10.06% 10.79% 4.77%UNIQUE Portfolio 2024 Composite
Index 9.45% 10.50% 5.18%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 7.49%MSCI ACWI (All Country World Index)
ex USA Index 9.45% 6.18% 2.31%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.96%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 4.79%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $15,930 UNIQUE Portfolio 2024 (Fidelity Funds) $16,571 UNIQUE Portfolio 2024 Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2024 (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2024 Composite Index performed over the same period.
11 Annual Report
UNIQUE Portfolio 2027 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Fidelity Funds) 10.92% 75.84% 41.20%
UNIQUE Portfolio 2027 Composite Index 10.76% 74.46% 52.52%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 82.32%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% -2.30%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 49.27%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 3.44%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2027 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Fidelity Funds) 10.92% 11.95% 4.00%
UNIQUE Portfolio 2027 Composite Index 10.76% 11.77% 4.91%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.06%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% -0.26%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 4.66%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.39%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,120 UNIQUE Portfolio 2027 (Fidelity Funds) $15,252 UNIQUE Portfolio 2027 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2027 (Fidelity Funds) on December 14, 2007, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2027 Composite Index performed over the same period.
12Annual Report
UNIQUE Portfolio 2030 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Fidelity Funds) 11.71% 80.60% 55.50%
UNIQUE Portfolio 2030 Composite Index 11.77% 79.07% 60.98%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 13.66%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 91.73%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 25.26%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2030 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Fidelity Funds) 11.71% 12.55% 7.96%
UNIQUE Portfolio 2030 Composite Index 11.77% 12.36% 8.61%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% 2.25%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 11.96%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 3.99%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $15,550 UNIQUE Portfolio 2030 (Fidelity Funds) $16,098 UNIQUE Portfolio 2030 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2030 (Fidelity Funds) on December 28, 2010, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2030 Composite Index performed over the same period.
13 Annual Report
UNIQUE Portfolio 2033 (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Fidelity Funds) 12.38% 16.20%UNIQUE Portfolio 2033 Composite Index 12.71% 16.71%Dow Jones U.S. Total Stock Market IndexSM 14.93% 24.91%MSCI ACWI (All Country World Index) ex USA
Index 9.45% -0.38%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 12.44%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2033 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Fidelity Funds) 12.38% 5.54%UNIQUE Portfolio 2033 Composite Index 12.71% 5.70%Dow Jones U.S. Total Stock Market IndexSM 14.93% 8.31%MSCI ACWI (All Country World Index) ex USA
Index 9.45% -0.14%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 4.30%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $11,620 UNIQUE Portfolio 2033 (Fidelity Funds) $11,671 UNIQUE Portfolio 2033 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2033 (Fidelity Funds) on December 18, 2013, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2033 Composite Index performed over the same period.
14Annual Report
UNIQUE Conservative Portfolio (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Conservative Portfolio (Fidelity Funds) 3.14% 9.13% 30.46%
UNIQUE Conservative Portfolio Composite Index 2.47% 7.45% 28.54%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 10.00%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Conservative Portfolio Composite Index, an approxi-mate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Conservative Portfolio (Fidelity Funds) 3.14% 1.76% 2.69%
UNIQUE Conservative Portfolio Composite Index 2.47% 1.45% 2.54%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 4.79%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.96%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $13,046 UNIQUE Conservative Portfolio (Fidelity Funds) $12,854 UNIQUE Conservative Portfolio Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Conservative Portfolio (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Conservative Portfolio Composite Index performed over the same period.
15 Annual Report
UNIQUE Moderate Growth Portfolio (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Moderate Growth Portfolio (Fidelity Funds) 10.78% 66.82% 69.75%
UNIQUE Moderate Growth Portfolio Composite Index 11.00% 65.19% 76.26%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.65%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Moderate Growth Portfolio Composite Index, an approxi-mate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodi-cally to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Moderate Growth Portfolio (Fidelity Funds) 10.78% 10.78% 5.43%
UNIQUE Moderate Growth Portfolio Composite Index 11.00% 10.56% 5.83%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.49%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 4.79%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% 2.31%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $16,975 UNIQUE Moderate Growth Portfolio (Fidelity Funds) $17,626 UNIQUE Moderate Growth Portfolio Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Moderate Growth Portfolio (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Moderate Growth Portfolio Composite Index performed over the same period.
16Annual Report
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Aggressive Growth Portfolio (Fidelity Funds) 12.22% 87.18% 64.65%
UNIQUE Aggressive Growth Portfolio Composite Index 13.29% 84.04% 72.70%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 105.92%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 25.68%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Aggressive Growth Portfolio Composite Index, an approxi-mate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years
Past 10 years
UNIQUE Aggressive Growth Portfolio (Fidelity Funds) 12.22% 13.36% 5.11%
UNIQUE Aggressive Growth Portfolio Composite Index 13.29% 12.97% 5.62%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.49%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% 2.31%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over 10 Years
Period Ending Values $16,465 UNIQUE Aggressive Growth Portfolio (Fidelity Funds) $17,270 UNIQUE Aggressive Growth Portfolio Composite Index
Past 10 Years: Let’s say hypothetically that $10,000 was invested in UNIQUE Aggressive Growth Portfolio (Fidelity Funds) on September 30, 2006 (past ten year period).
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Aggressive Growth Portfolio Composite Index performed over the same period.
17 Annual Report
UNIQUE Money Market Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThe information provided in the tables below shows you the perfor-mance of the Portfolio with comparisons over different time periods to the portfolio’s relevant benchmark. Seeing the returns over dif-ferent time periods can help you assess the portfolio’s performance across multiple market environments. The performance information is presented in two ways – cumulative total returns and average annual total returns.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Money Market Portfolio A 0.00% 0.00% 8.60%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 9.49%
A A portion of the Portfolio’s expenses were reimbursed by Fidelity. Absent re-imbursement, returns would have been lower.
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The benchmark includes reinvested dividends and capital gains, if any.
The index returns are for the one-year and five-year periods ending September 30, 2016 and for the Life of Portfolio period from November 6, 2006 to September 30, 2016.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Money Market Portfolio A 0.00% 0.00% 0.84%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.92%
A A portion of the Portfolio’s expenses were reimbursed by Fidelity. Absent re-imbursement, returns would have been lower.
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
18Annual Report
UNIQUE College Portfolio (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE College Portfolio (Fidelity Index) 4.89% 19.07% 43.60%
UNIQUE College Portfolio (Fidelity Index) Composite Index 5.06% 20.04% 45.94%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 9.49%
Bloomberg® Commodity Index Total Return -2.58% -38.85% -45.91%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE College Portfolio (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index and Bloomberg® Commodity Index Total Return. These benchmarks include rein-vested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE College Portfolio (Fidelity Index) 4.89% 3.55% 3.72%
UNIQUE College Portfolio (Fidelity Index) Composite Index 5.06% 3.72% 3.89%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.92%
Bloomberg® Commodity Index Total Return -2.58% -9.37% -6.01%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,360 UNIQUE College Portfolio (Fidelity Index) $14,594 UNIQUE College Portfolio (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE College Portfolio (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE College Portfolio (Fidelity Index) Composite Index performed over the same period.
19 Annual Report
UNIQUE Portfolio 2015 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2015 (Fidelity Index) 4.87% 27.11% 44.40%
UNIQUE Portfolio 2015 (Fidelity Index) Composite Index 5.06% 28.30% 47.81%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 9.49%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2015 (Fidelity Index) Composite Index, an approx-imate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted peri-odically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2015 (Fidelity Index) 4.87% 4.92% 3.78%
UNIQUE Portfolio 2015 (Fidelity Index) Composite Index 5.06% 5.11% 4.02%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.92%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,440 UNIQUE Portfolio 2015 (Fidelity Index) $14,781 UNIQUE Portfolio 2015 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2015 (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2015 (Fidelity Index) Composite Index performed over the same period.
20Annual Report
UNIQUE Portfolio 2018 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2018 (Fidelity Index) 6.16% 38.41% 49.90%
UNIQUE Portfolio 2018 (Fidelity Index) Composite Index 6.33% 39.80% 53.69%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 9.49%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2018 (Fidelity Index) Composite Index, an approx-imate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, MSCI EAFE Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted peri-odically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2018 (Fidelity Index) 6.16% 6.72% 4.17%
UNIQUE Portfolio 2018 (Fidelity Index) Composite Index 6.33% 6.93% 4.43%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.92%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,990 UNIQUE Portfolio 2018 (Fidelity Index) $15,369 UNIQUE Portfolio 2018 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2018 (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2018 (Fidelity Index) Composite Index performed over the same period.
21 Annual Report
UNIQUE Portfolio 2021 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2021 (Fidelity Index) 7.42% 49.80% 53.40%
UNIQUE Portfolio 2021 (Fidelity Index) Composite Index 7.62% 51.32% 57.78%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 9.49%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2021 (Fidelity Index) Composite Index, an approx-imate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodi-cally to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2021 (Fidelity Index) 7.42% 8.42% 4.41%
UNIQUE Portfolio 2021 (Fidelity Index) Composite Index 7.62% 8.64% 4.71%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.92%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $15,340 UNIQUE Portfolio 2021 (Fidelity Index) $15,778 UNIQUE Portfolio 2021 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2021 (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2021 (Fidelity Index) Composite Index performed over the same period.
22Annual Report
UNIQUE Portfolio 2024 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2024 (Fidelity Index) 8.61% 60.92% 57.70%
UNIQUE Portfolio 2024 (Fidelity Index) Composite Index 8.81% 62.49% 61.65%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 9.49%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2024 (Fidelity Index) Composite Index, an approx-imate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodi-cally to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2024 (Fidelity Index) 8.61% 9.98% 4.71%
UNIQUE Portfolio 2024 (Fidelity Index) Composite Index 8.81% 10.20% 4.97%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.92%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $15,770 UNIQUE Portfolio 2024 (Fidelity Index) $16,165 UNIQUE Portfolio 2024 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2024 (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2024 (Fidelity Index) Composite Index performed over the same period.
23 Annual Report
UNIQUE Portfolio 2027 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Fidelity Index) 9.81% 69.79% 46.70%
UNIQUE Portfolio 2027 (Fidelity Index) Composite Index 10.00% 71.29% 51.99%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 82.32%
MSCI EAFE Index 6.74% 43.86% -0.58%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -51.58%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 49.27%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.60% 3.44%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2027 (Fidelity Index) Composite Index, an approx-imate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE Index, Bloomberg® Commodity Index Total Return and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted peri-odically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Fidelity Index) 9.81% 11.17% 4.45%
UNIQUE Portfolio 2027 (Fidelity Index) Composite Index 10.00% 11.36% 4.87%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.06%
MSCI EAFE Index 6.74% 7.54% -0.07%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -7.91%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.66%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.39%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,670 UNIQUE Portfolio 2027 (Fidelity Index) $15,199 UNIQUE Portfolio 2027 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2027 (Fidelity Index) on December 14, 2007, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2027 (Fidelity Index) Composite Index performed over the same period.
24Annual Report
UNIQUE Portfolio 2030 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Fidelity Index) 10.64% 73.36% 58.10%
UNIQUE Portfolio 2030 (Fidelity Index) Composite Index 10.90% 74.90% 60.10%
Bloomberg® Commodity Index Total Return -2.58% -38.85% -46.58%
MSCI EAFE Index 6.74% 43.86% 23.29%Dow Jones U.S. Total Stock
Market IndexSM 14.93% 112.75% 91.73%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 25.26%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2030 (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indi-ces: Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg® Commodity Index Total Return. These benchmarks include rein-vested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Fidelity Index) 10.64% 11.63% 8.27%
UNIQUE Portfolio 2030 (Fidelity Index) Composite Index 10.90% 11.83% 8.51%
Bloomberg® Commodity Index Total Return -2.58% -9.37% -10.31%
MSCI EAFE Index 6.74% 7.54% 3.70%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 11.96%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 3.99%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $15,810 UNIQUE Portfolio 2030 (Fidelity Index) $16,010 UNIQUE Portfolio 2030 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2030 (Fidelity Index) on December 28, 2010, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2030 (Fidelity Index) Composite Index performed over the same period.
25 Annual Report
UNIQUE Portfolio 2033 (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Fidelity Index) 11.49% 14.50%UNIQUE Portfolio 2033 (Fidelity Index)
Composite Index 11.71% 15.19%Dow Jones U.S. Total Stock Market IndexSM 14.93% 24.91%MSCI EAFE Index 6.74% 0.38%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 12.44%Bloomberg® Commodity Index Total Return -2.58% -32.07%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2033 (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indi-ces: Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg® Commodity Index Total Return. These benchmarks include rein-vested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Fidelity Index) 11.49% 4.98%UNIQUE Portfolio 2033 (Fidelity Index)
Composite Index 11.71% 5.21%Dow Jones U.S. Total Stock Market IndexSM 14.93% 8.31%MSCI EAFE Index 6.74% 0.14%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 4.30%Bloomberg® Commodity Index Total Return -2.58% -12.96%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $11,450 UNIQUE Portfolio 2033 (Fidelity Index) $11,519 UNIQUE Portfolio 2033 (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2033 (Fidelity Index) on December 18, 2013, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2033 (Fidelity Index) Composite Index performed over the same period.
26Annual Report
UNIQUE Conservative Portfolio (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Conservative Portfolio (Fidelity Index) 2.31% 6.24% 32.90%
UNIQUE Conservative Portfolio (Fidelity Index) Composite Index 2.47% 7.20% 35.07%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 59.11%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 9.49%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Conservative Portfolio (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indi-ces: Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Conservative Portfolio (Fidelity Index) 2.31% 1.22% 2.91%
UNIQUE Conservative Portfolio (Fidelity Index) Composite Index 2.47% 1.40% 3.08%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 4.80%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.92%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $13,290 UNIQUE Conservative Portfolio (Fidelity Index) $13,507 UNIQUE Conservative Portfolio (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Conservative Portfolio (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Conservative Portfolio (Fidelity Index) Composite Index performed over the same period.
27 Annual Report
UNIQUE Moderate Growth Portfolio (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Moderate Growth Portfolio (Fidelity Index) 10.00% 60.70% 70.50%
UNIQUE Moderate Growth Portfolio (Fidelity Index) Composite Index 10.20% 62.15% 75.10%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 16.39% 59.11%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Moderate Growth Portfolio (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI EAFE Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Moderate Growth Portfolio (Fidelity Index) 10.00% 9.95% 5.53%
UNIQUE Moderate Growth Portfolio (Fidelity Index) Composite Index 10.20% 10.15% 5.82%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%Bloomberg Barclays U.S.
Aggregate Bond Index 5.19% 3.08% 4.80%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $17,050 UNIQUE Moderate Growth Portfolio (Fidelity Index) $17,510 UNIQUE Moderate Growth Portfolio (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Moderate Growth Portfolio (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Moderate Growth Portfolio (Fidelity Index) Composite Index performed over the same period.
28Annual Report
UNIQUE Aggressive Growth Portfolio (Fidelity Index)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Aggressive Growth Portfolio (Fidelity Index) 11.98% 83.63% 62.70%
UNIQUE Aggressive Growth Portfolio (Fidelity Index) Composite Index 12.22% 85.03% 67.26%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
MSCI EAFE Index 6.74% 43.86% 16.40%Bloomberg® Commodity Index
Total Return -2.58% -38.85% -45.91%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Aggressive Growth Portfolio (Fidelity Index) Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, MSCI EAFE Index and Bloomberg® Commodity Index Total Return. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Aggressive Growth Portfolio (Fidelity Index) 11.98% 12.93% 5.04%
UNIQUE Aggressive Growth Portfolio (Fidelity Index) Composite Index 12.22% 13.10% 5.33%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
MSCI EAFE Index 6.74% 7.54% 1.54%Bloomberg® Commodity Index Total
Return -2.58% -9.37% -6.01%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $16,270 UNIQUE Aggressive Growth Portfolio (Fidelity Index) $16,726 UNIQUE Aggressive Growth Portfolio (Fidelity Index) Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Aggressive Growth Portfolio (Fidelity Index) on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Aggressive Growth Portfolio (Fidelity Index) Composite Index performed over the same period.
29 Annual Report
UNIQUE Intermediate Treasury Index Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Intermediate Treasury Index Portfolio 4.47% 13.17% 65.90%
Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index 4.64% 15.01% 72.20%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index. The bench-mark includes reinvested dividends and capital gains, if any.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Intermediate Treasury Index Portfolio 4.47% 2.50% 5.24%
Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index 4.64% 2.84% 5.64%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $16,590 UNIQUE Intermediate Treasury Index Portfolio $17,220 Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Intermediate Treasury Index Portfolio on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index performed over the same period.
30Annual Report
UNIQUE International Index Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE International Index Portfolio 6.41% 43.46% 12.90%MSCI EAFE Index 6.74% 43.86% 16.40%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the MSCI EAFE Index. The benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE International Index Portfolio 6.41% 7.48% 1.23%MSCI EAFE Index 6.74% 7.54% 1.54%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $11,290 UNIQUE International Index Portfolio $11,640 MSCI EAFE Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE International Index Portfolio on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
31 Annual Report
UNIQUE Fidelity® 500 Index Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Fidelity® 500 Index Portfolio 15.26% 111.37% 89.60%
S&P 500® Index 15.43% 113.44% 94.43%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the S&P 500® Index. The benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Fidelity® 500 Index Portfolio 15.26% 16.15% 6.67%
S&P 500® Index 15.43% 16.37% 6.94%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $18,960 UNIQUE Fidelity® 500 Index Portfolio $19,443 S&P 500® Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Fidelity® 500 Index Portfolio on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the S&P 500® Index performed over the same period.
32Annual Report
UNIQUE Total Market Index Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Total Market Index Portfolio 14.86% 110.92% 93.20%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 98.40%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the Dow Jones U.S. Total Stock Market IndexSM. The benchmark includes reinvested dividends and capital gains, if any.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Total Market Index Portfolio 14.86% 16.10% 6.87%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 7.16%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $19,320 UNIQUE Total Market Index Portfolio $19,840 Dow Jones U.S. Total Stock Market IndexSM
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Total Market Index Portfolio on November 6, 2006, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the Dow Jones U.S. Total Stock Market IndexSM performed over the same period.
33 Annual Report
UNIQUE Bank Deposit Portfolio
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThe information provided in the tables below shows you the perfor-mance of the Portfolio with comparisons over different time periods. Seeing the returns over different time periods can help you assess the portfolio’s performance across multiple market environments. The performance information is presented in two ways – cumulative total returns and average annual total returns.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Bank Deposit Portfolio 0.30% 0.60% 0.80%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
The Portfolio’s returns are for the one-year and five-year periods ending September 30, 2016 and for the Life of Portfolio period from September 16, 2010 to September 30, 2016.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Bank Deposit Portfolio 0.30% 0.12% 0.13%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
34Annual Report
UNIQUE College Portfolio (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE College Portfolio (Multi-Firm) 6.13% 21.46% 21.10%
UNIQUE College Portfolio Composite Index 5.40% 21.45% 21.10%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE College Portfolio Composite Index, an approxi-mate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE College Portfolio (Multi-Firm) 6.13% 3.97% 3.89%
UNIQUE College Portfolio Composite Index 5.40% 3.96% 3.89%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 3.08% 3.14%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.12% 0.12%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 16.30% 15.85%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 6.18% 5.87%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $12,110 UNIQUE College Portfolio (Multi-Firm) $12,110 UNIQUE College Portfolio Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE College Portfolio (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE College Portfolio Composite Index performed over the same period.
35 Annual Report
UNIQUE Portfolio 2015 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2015 (Multi-Firm) 6.15% 30.31% 29.40%
UNIQUE Portfolio 2015 Composite Index 5.40% 29.92% 29.16%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2015 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Dow Jones U.S. Total Stock Market IndexSM and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2015 (Multi-Firm) 6.15% 5.44% 5.28%UNIQUE Portfolio 2015 Composite
Index 5.40% 5.37% 5.24%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.12%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $12,940 UNIQUE Portfolio 2015 (Multi-Firm) $12,916 UNIQUE Portfolio 2015 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2015 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2015 Composite Index performed over the same period.
36Annual Report
UNIQUE Portfolio 2018 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2018 (Multi-Firm) 7.24% 40.61% 39.20%
UNIQUE Portfolio 2018 Composite Index 6.74% 41.60% 40.43%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2018 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index and MSCI ACWI (All Country World Index) ex USA Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2018 (Multi-Firm) 7.24% 7.05% 6.82%UNIQUE Portfolio 2018 Composite
Index 6.74% 7.20% 7.01%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.12%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $13,920 UNIQUE Portfolio 2018 (Multi-Firm) $14,043 UNIQUE Portfolio 2018 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2018 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2018 Composite Index performed over the same period.
37 Annual Report
UNIQUE Portfolio 2021 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2021 (Multi-Firm) 8.36% 51.06% 49.10%
UNIQUE Portfolio 2021 Composite Index 8.14% 53.50% 51.79%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2021 Composite Index, an approximate weighted combination of the following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index, Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2021 (Multi-Firm) 8.36% 8.60% 8.30%UNIQUE Portfolio 2021 Composite
Index 8.14% 8.95% 8.69%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.12%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $14,910 UNIQUE Portfolio 2021 (Multi-Firm) $15,179 UNIQUE Portfolio 2021 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2021 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2021 Composite Index performed over the same period.
38Annual Report
UNIQUE Portfolio 2024 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2024 (Multi-Firm) 9.27% 60.41% 58.00%
UNIQUE Portfolio 2024 Composite Index 9.45% 64.74% 62.51%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2024 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2024 (Multi-Firm) 9.27% 9.91% 9.56%UNIQUE Portfolio 2024 Composite
Index 9.45% 10.50% 10.17%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.12%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $15,800 UNIQUE Portfolio 2024 (Multi-Firm) $16,251 UNIQUE Portfolio 2024 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2024 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2024 Composite Index performed over the same period.
39 Annual Report
UNIQUE Portfolio 2027 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Multi-Firm) 10.08% 67.75% 64.90%
UNIQUE Portfolio 2027 Composite Index 10.76% 74.46% 71.77%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 0.29% 0.60% 0.59%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2027 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2027 (Multi-Firm) 10.08% 10.90% 10.50%UNIQUE Portfolio 2027 Composite
Index 10.76% 11.77% 11.40%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%Bloomberg Barclays U.S. 3 Month
Treasury Bellwether Index 0.29% 0.12% 0.12%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $16,490 UNIQUE Portfolio 2027 (Multi-Firm) $17,177 UNIQUE Portfolio 2027 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2027 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2027 Composite Index performed over the same period.
40Annual Report
UNIQUE Portfolio 2030 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Multi-Firm) 10.78% 71.52% 68.60%
UNIQUE Portfolio 2030 Composite Index 11.77% 79.07% 76.22%
MSCI ACWI (All Country World Index) ex USA Index 9.45% 34.99% 33.08%
Dow Jones U.S. Total Stock Market IndexSM 14.93% 112.75% 109.05%
Bloomberg Barclays U.S. Aggregate Bond Index 5.19% 16.39% 16.74%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2030 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
yearPast 5 years Life of Portfolio
UNIQUE Portfolio 2030 (Multi-Firm) 10.78% 11.39% 10.99%UNIQUE Portfolio 2030 Composite
Index 11.77% 12.36% 11.97%MSCI ACWI (All Country World
Index) ex USA Index 9.45% 6.18% 5.87%Dow Jones U.S. Total Stock Market
IndexSM 14.93% 16.30% 15.85%Bloomberg Barclays U.S. Aggregate
Bond Index 5.19% 3.08% 3.14%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $16,860 UNIQUE Portfolio 2030 (Multi-Firm) $17,622 UNIQUE Portfolio 2030 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2030 (Multi-Firm) on September 28, 2011, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2030 Composite Index performed over the same period.
41 Annual Report
UNIQUE Portfolio 2033 (Multi-Firm)
Performance: The Bottom Line
Understanding PerformanceHow a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market’s ups and downs, you may have a gain.
PerformanceThere are several ways to evaluate a portfolio’s historical perfor-mance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment.
Cumulative Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Multi-Firm) 11.32% 13.10%UNIQUE Portfolio 2033 Composite Index 12.71% 16.71%Dow Jones U.S. Total Stock Market IndexSM 14.93% 24.91%MSCI ACWI (All Country World Index) ex USA
Index 9.45% -0.38%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 12.44%
Cumulative total returns show the Portfolio’s performance in per-centage terms over the periods shown. For example, if you invested $1,000 in a portfolio that had a 5% return over the past year, the value of your investment would be $1,050.
You can compare the Portfolio’s return to the performance of the UNIQUE Portfolio 2033 Composite Index, an approximate weighted combination of the following unmanaged indices: Dow Jones U.S. Total Stock Market IndexSM, MSCI ACWI (All Country World Index) ex USA Index and Bloomberg Barclays U.S. Aggregate Bond Index. These benchmarks include reinvested dividends and capital gains, if any. The index weightings may be adjusted periodically to reflect the Portfolio’s changing asset allocation.
Average Annual Total ReturnsPeriods ended September 30, 2016 Past 1
year Life of Portfolio
UNIQUE Portfolio 2033 (Multi-Firm) 11.32% 4.52%UNIQUE Portfolio 2033 Composite Index 12.71% 5.70%Dow Jones U.S. Total Stock Market IndexSM 14.93% 8.31%MSCI ACWI (All Country World Index) ex USA
Index 9.45% -0.14%Bloomberg Barclays U.S. Aggregate Bond
Index 5.19% 4.30%
Average annual total returns take the Portfolio’s cumulative return and show you what would have happened if the Portfolio had performed at a constant rate each year.
$10,000 Over Life of Portfolio
Period Ending Values $11,310 UNIQUE Portfolio 2033 (Multi-Firm) $11,671 UNIQUE Portfolio 2033 Composite Index
Life of Portfolio: Let’s say hypothetically that $10,000 was invested in UNIQUE Portfolio 2033 (Multi-Firm) on December 18, 2013, when the Portfolio started.
The chart shows how the value of that investment would have changed, and also shows how the UNIQUE Portfolio 2033 Composite Index performed over the same period.
42Annual Report
Market Recap
The S&P 500® index rose 15.43% for the year ending September 2016. After an early-2016 volatility spike largely driven by energy-price woes and concern about global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s late-June vote to exit the European Union – dubbed “Brexit” – ignited near-tumult in global markets, followed by an almost equally sharp recovery. Summer’s remainder traced a gentler and generally upward arc. For the year, value-oriented stocks outperformed. Among S&P 500 sectors, dividend-rich telecom services (+27%) led amid strong demand for yield, especially earlier in the period, as well as increased competition and consolidation. Utilities (+17%) and consumer staples (+16%) also benefited. Added demand for perceived safe-haven investments such as precious metals-related securities boosted materials (+22%). Information technology (+23%) was helped by strong results from some of the largest and best-known tech names. The newly created real estate sector (+17%) finished far ahead of financials (+6%), which was held back by low interest rates that squeezed bank profits. For reference, the broad Dow Jones U.S. Total Stock Market IndexSM gained 14.93%; the small-cap Russell 2000® Index, 15.47%.
Non-U.S. equities also had a strong year: the MSCI ACWI (All Country World Index) ex USA Index returned 9.45%. Regionally, Asia Pacific ex Japan (+20%) fared best, followed by emerging markets (+17%), which was aided by rising commodities prices. Europe (+4%) and the U.K. (+1%) fell behind the MSCI index, beset by numerous stressors.
In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index rose 5.19% the past year, gaining notable ground in the mid-to-late part of the period. The return was driven partly by bond-price gains amid demand for the relatively higher yields and stability of U.S. fixed-income securi-ties. Within the Bloomberg Barclays index, investment-grade corporate credit, up about 9%, led all major market segments. “Safe haven” U.S. Treasuries, meanwhile, returned 4%. Elsewhere, inflation-protected debt securities also lagged. Riskier, non-core fixed-income segments such as emerging-markets, U.S. high-yield and real estate debt led the broader market amid a strong surge in the period’s second half.
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
43 Annual Report
Fund Talk: The Managers’ Overview
Andrew Dierdorf (left) and Brett Sumsion, Co-Portfolio Managers of UNIQUE College Investing Plan Portfolios
Q. Andrew, how did the Portfolios perform for the 12 months ending September 30, 2016?A. For the year, most asset classes enjoyed solid gains. U.S. equi-ties saw returns in the mid-teens, while real estate-related equity went even higher, approaching the 18% mark. Among asset classes in which the Portfolios invest, only commodities-related securities declined. In this environment, all age-based and risk-based (or “static”) Portfolios – Fidelity Funds, Multi-Firm and Fidelity Index – posted absolute gains. Longer-dated Portfolios, intended for partici-pants with the longest time horizon until matriculation, notched higher returns, as we would expect given their greater exposure to underlying equities. We also are pleased to report that most actively managed Portfolios (Fidelity Funds and Multi-Firm) outperformed their respective Composite benchmarks; notably, outperformance was significant and across the board in the period’s final quarter. (For specific results for Fidelity Funds, Multi-Firm and Fidelity Index Portfolios, please refer to the performance section of this report.)
Q. How did asset allocation influence results among actively managed Portfolios?A. Our asset allocation decisions provided the bulk of the positive relative showing. Overweighting the non-U.S. equity asset class – specifically the emerging-markets (EM) segment – helped most. Underweighting investment-grade debt also was additive. Portfolio exposure to high-yield debt, which reflected the value we saw there relative to investment-grade bonds, proved beneficial as high-yield outstripped investment-grade returns. On balance, other diversifiers had only a marginal, albeit collectively positive effect this period. Our EM-debt holdings helped, for example, but positive effects were offset somewhat by negatives from allocations to commodity-related securities; however, we believe such exposures – which also include the floating-rate and inflation-protected debt asset classes, among others – remain important to risk diversification and can help guard against inflation.
Q. Brett, how did Fidelity Funds Portfolios’ underlying invest-ments perform?A. Overall, selection effects from underlying investments detracted versus Composites, most notably within the Portfolio’s domestic-equity sleeve. The Dow Jones U.S. Total Stock Market IndexSM gained nearly 15% for the year. The Portfolios’ allocation to U.S. equities, in
aggregate, underperformed the asset-class benchmark, as markets did not reward quality- and fundamentals-based investors. For example, Fidelity® Low-Priced Stock Fund was whipsawed as, early in the period, small-cap investors preferred sectors with stable, predictable income – such as utilities and real estate – then switched later in the period to less-profitable and more-volatile stocks. Indeed, only the modest allocation to Fidelity Real Estate Investment Portfolio substantially outperformed for the year, despite marking a decline in the period’s final quarter. Among non-U.S. equities, Fidelity Emerging Markets Fund and Fidelity Overseas Fund outperformed their respective international-equity benchmarks, whereas Fidelity Diversified International Fund’s theme-based approach modestly lagged. Meanwhile, the Portfolios’ major allocations to Fidelity Total Bond Fund – a diversified, core fixed-income strategy – and Fidelity Investment Grade Corporate Bond Fund well outpaced the Bloomberg Barclays U.S. Aggregate Bond Index.
Q. And in the Multi-Firm Portfolios?A. Results here mimic much of the discussion of Fidelity Funds Portfolios: our allocation decisions added substantial value, offset to some degree by underperformance largely within the U.S. equity sleeve. I’d highlight strong performance from Loomis Sayles Growth Fund, which we engaged mid-period. Conversely, though JPMorgan U.S. Equity Fund produced a solid, double-digit gain, it nevertheless lagged the asset class. Among international-equity investments, MFS International Value Fund outperformed its fund-level benchmark by 8 percentage points. Our allocation to Oppenheimer Developing Markets Fund also outperformed. In core fixed income, the Multi-Firm Portfolio fixed-income cohort performed well overall, with Western Asset Core Bond Fund topping the list of contributors. JPMorgan Core Bond Fund and Metropolitan West Total Return Fund proved the only detractors, but we did not own them for the full year, having engaged them mid-period.
Q. And Fidelity Index Portfolios?A. These Portfolios have five investment components: U.S. equity, non-U.S. equity, investment-grade debt, commodities and short-term debt instruments. Consistent with what we would expect for Portfolios tracking indexes corresponding to each underlying compo-nent, they generally performed in line with their Composites.
Q. Andrew, any notable changes to Portfolio management?A. While Brett and I continue to manage asset allocation, fund oversight and portfolio management for the Multi-Firm Portfolios, we added four specialized Fidelity portfolio managers to assist us in the fund-selection process for underlying investments. John Stone covers core, value and growth equity strategies; Wilfred Chilangwa, non-U.S. and EM equity; Gregory Pappas, core bond and income opportunities; and Larry Rakers helps us assess commodity strategies.
Q. What is your outlook as of period end?A. Our active positions are aligned with a view that the U.S. economy is experiencing some signs of the late phase of the business cycle. We see potential for recession in the U.K. and Europe, and note diver-gence among the performance of EM economies. We also are moni-toring evolving consequences of global monetary policy and negative interest rates. Possible risks to the global economy include a nascent
44Annual Report
Fund Talk: The Managers’ Overview – continued
trend toward a reversal in globalization; an increase in market volatility as central banks assess their policies; and the potential for a rapidly strengthening U.S. dollar. Our capital-markets views influ-ence the actively managed Portfolios’ asset allocation positioning, which continues to emphasize pro-cyclical assets. During the past few months, we reduced exposure to U.S. equity in favor of non-U.S. equity, and we increased exposure to inflation-sensitive assets. As of period end, the Fidelity Funds and Multi-Firm Portfolios carry an overweight position in EM equity and debt versus Composites, and are underweight investment-grade bonds and short-term debt. We remain committed to ongoing excellence in our college-savings strategies. Over the long term, we believe the investment approach offered by UNIQUE College Investing Plan Portfolios – one that employs multiple asset classes – can help smooth short-term perfor-mance swings resulting from market volatility and provide partici-pants with an effective way to save for college.
Portfolio Facts
Goals: Each age-based Portfolio (Fidelity Funds, Fidelity Index and Multi-Firm) seeks capital appreciation with reasonable safety of principal, consistent with the ages of the beneficiaries for whom it is designed. There are six static-allocation Portfolios. The investment objective of Conservative Portfolio (Fidelity Funds, Fidelity Index) is preservation of capital by allocating assets among bond and money market funds; income is a secondary objective. The investment objective of Moderate Growth Portfolio (Fidelity Funds, Fidelity Index) is to maximize total return over the long term by allocating assets among stock and bond mutual funds. The investment objective of Aggressive Growth Portfolio (Fidelity Funds, Fidelity Index) is growth of capital over the long term. Bank Deposit Portfolio seeks preservation of capital. Each individual-fund Portfolio has the same investment objective as the underlying mutual fund in which it invests.
Start dates: Fidelity Funds Portfolios (age-based, static and individual) started on July 1, 1998, except Portfolio 2018, which started January 4, 1999; Moderate Growth Portfolio, May 10, 2001; Aggressive Growth Portfolio, May 7, 2001; Portfolio 2021 and Conservative Portfolio, which both started on December 13, 2001; Portfolio 2024, December 27, 2004; Money Market Portfolio, November 6, 2006; Portfolio 2027, December 14, 2007; Portfolio 2030, December 28, 2010; and Portfolio 2033, December 18, 2013.
Fidelity Index Portfolios (age-based, static and individual) started on November 6, 2006, except Index 2027, which started December 14, 2007; Index 2030, December 28, 2010; and Index 2033, December 18, 2013.
Multi-Firm Portfolios started September 28, 2011, except Multi-Firm 2033, which started December 18, 2013.
Bank Deposit Portfolio started on September 16, 2010.
Co-Managers: Andrew Dierdorf, since 2007; joined Fidelity in 2004; Brett Sumsion, since 2014; joined Fidelity in 2014.
Andrew Dierdorf on 20 years of Target-date InvestingThe Portfolios are designed as a comprehensive strategy based on a disciplined investment process that evolves over time, seeking to help investors achieve their college-savings goals. The glide path, a critical component of the age-based Portfolios, represents the strategic allocation to stocks, bonds and cash in a target-date fund — and how that mix adjusts over time.
In choosing Fidelity, I think college savers expect compelling solutions and service across investment products and communi-cations, and target-date funds (TDFs) often are at the center of that discussion. For example, Fidelity Freedom® Funds, aimed at retirement savers, began operations in 1996, placing them among the oldest TDFs in the industry. For the past 20 years, through a range of market cycles, our TDFs have offered savers a disci-plined approach to fund management, as well as the experience and judgment of our Funds’ and Portfolios’ managers.
Many of the principles considered when Fidelity was building its first TDFs remain intact and are in fact reflected in the actively managed Fidelity Funds and Multi-Firm Portfolios. The glide path – this idea that a fund could invest more aggressively in a saver’s early years, then become progressively more conservative as col-lege approached – was considered innovative 20 years ago, but is more accepted today. Fidelity’s TDFs have evolved, though, with enhancements to portfolio construction, diversification and risk management aimed at providing more-consistent performance and improved outcomes over time.
Today, we have a broader set of investments and diversifiers, to include floating-rate and EM debt, commodities and inflation-pro-tected securities. We also have deeper data, more-sophisticated analytics and greater resources supporting us. The importance of the customer, though, has remained constant in our investment-management thinking. Success depends on cooperation between solution providers and individual participants, on good invest-ment behaviors and on discipline.
Fidelity Funds and Multi-Firm Portfolios may be rather sophis-ticated, but our shareholders want straightforward descriptions of what we are doing with their investments. College saving is per-sonal. We take the responsibility of managing savers’ assets – and earning their trust – very seriously and with the highest respect. We try to approach our decisions with discipline and humility, thinking of our shareholders first in everything we do.
45 Annual Report
UNIQUE College Portfolio (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 18.0Fidelity Investments Money Market Government Portfolio Institutional Class 17.3Fidelity Government Income Fund 12.0Fidelity Short-Term Bond Fund 9.2Fidelity Total Bond Fund 5.5Fidelity Emerging Markets Fund 4.4Fidelity Inflation-Protected Bond Fund 3.8Fidelity Corporate Bond Fund 3.3Fidelity High Income Fund 3.1Fidelity Mortgage Securities Fund 2.7
79.3
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 14.8%
Non – U.S. Equity Funds 8.8%
Bond Funds 49.9%
Short-Term Funds 26.5%
Net Other Assets (Liabilities) 0.0%
46Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 14.8%Shares Value
Fidelity Blue Chip Growth Fund 87,855 $ 6,169,195Fidelity Contrafund 40,151 4,098,985Fidelity Equity Dividend Income Fund 179,988 4,787,689Fidelity Equity-Income Fund 235,674 12,990,326Fidelity Growth Company Fund 62,276 8,843,876Fidelity Large Cap Stock Fund 231,969 6,509,060Fidelity Low-Priced Stock Fund 70,051 3,416,402Fidelity Mega Cap Stock Fund 289,003 4,788,787Fidelity Real Estate Investment Portfolio 22,988 1,005,743Fidelity Series Commodity Strategy
Fund 1,677,440 8,873,660Fidelity Stock Selector All Cap Fund 340,935 12,283,893Fidelity Stock Selector Small Cap Fund 136,832 3,405,750
TOTAL U.S. EQUITY FUNDS(Cost $72,619,105) 77,173,366
Non – U.S. Equity Funds – 8.8%
Fidelity Canada Fund 44,363 2,174,234Fidelity Diversified International Fund 291,210 10,317,575Fidelity Emerging Markets Fund 944,430 23,280,201Fidelity Overseas Fund 245,747 10,355,791
TOTAL NON – U.S. EQUITY FUNDS(Cost $43,033,114) 46,127,801
Bond Funds – 49.9%
Fidelity Corporate Bond Fund 1,464,974 17,110,895Fidelity Floating Rate High Income Fund 137,980 1,319,089Fidelity Government Income Fund 5,864,104 62,394,063Fidelity High Income Fund 1,882,731 16,342,102Fidelity Inflation-Protected Bond Fund 1,606,196 19,997,144Fidelity Investment Grade Bond Fund 11,709,326 94,025,883Fidelity Mortgage Securities Fund 1,244,706 14,289,226Fidelity New Markets Income Fund 214,122 3,498,759Fidelity Real Estate Income Fund 204,941 2,481,838Fidelity Total Bond Fund 2,621,648 28,471,099
TOTAL BOND FUNDS(Cost $255,868,762) 259,930,098
UNIQUE College Portfolio (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 26.5%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 89,767,808 $ 89,767,808
Fidelity Short-Term Bond Fund 5,556,052 48,059,849
TOTAL SHORT-TERM FUNDS(Cost $137,419,964) 137,827,657
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $508,940,945) 521,058,922
NET OTHER ASSETS (LIABILITIES) – 0.0% (86,099)
NET ASSETS – 100% $520,972,823
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
47 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$508,940,945) $ 521,058,922Receivable for investments sold 326,081Receivable for units sold 88,471Distributions receivable 539,385
Total assets 522,012,859
LiabilitiesPayable for investments purchased $ 673,049Accrued management and administration
fees 85,922Payable for units redeemed 281,065
Total liabilities 1,040,036Net Assets $ 520,972,823
Net Asset Value, offering price and redemption price per unit ($520,972,823 / 25,324,799 units) $ 20.57
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 10,129,591ExpensesManagement and administration fees $ 1,182,709
Total expenses 1,182,709
Net investment income (loss) 8,946,882Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 709,277Capital gain distributions from underlying
funds 4,970,106 5,679,383Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 21,368,653
Net gain (loss) 27,048,036Net increase (decrease) in net assets
resulting from operations $ 35,994,918
48Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 8,946,882 $ 11,724,311Net realized gain (loss) 5,679,383 15,568,129Change in net unrealized appreciation (depreciation) 21,368,653 (26,773,659)Net increase (decrease) in net assets resulting from operations 35,994,918 518,781
Unit transactionsProceeds from sales of units 56,754,587 84,854,979Cost of units redeemed (239,601,637) (325,575,488)Net increase (decrease) in net assets resulting from unit transactions (182,847,050) (240,720,509)Total increase (decrease) in net assets (146,852,132) (240,201,728)
Net AssetsBeginning of period 667,824,955 908,026,683End of period $ 520,972,823 $ 667,824,955
Other InformationUnit transactions
Sold 2,867,122 4,309,030Redeemed (12,094,563) (16,543,165)Net increase (decrease) (9,227,441) (12,234,135)
Financial Highlights UNIQUE College Portfolio (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 19.33 $ 19.41 $ 18.65 $ 18.12 $ 16.78Income from Investment Operations
Net investment income (loss) A .30 .29 .23 .20 .26Net realized and unrealized gain (loss) .94 (.37) .53 .33 1.08
Total increase (decrease) from investment operations 1.24 (.08) .76 .53 1.34Net asset value, end of period $ 20.57 $ 19.33 $ 19.41 $ 18.65 $ 18.12
Total Return 6.41% (.41)% 4.08% 2.92% 7.99%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 520,973 $ 667,825 $ 908,027 $ 357,944 $ 469,249Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.52% 1.46% 1.21% 1.11% 1.48%Portfolio Turnover Rate 33% 21% 56% 34% 24%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
49 Annual Report
UNIQUE Portfolio 2015 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 17.3Fidelity Investments Money Market Government Portfolio Institutional Class 17.3Fidelity Government Income Fund 11.4Fidelity Short-Term Bond Fund 9.2Fidelity Total Bond Fund 7.1Fidelity Emerging Markets Fund 4.4Fidelity Inflation-Protected Bond Fund 3.8Fidelity Corporate Bond Fund 3.1Fidelity High Income Fund 3.1Fidelity Mortgage Securities Fund 2.6
79.3
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 14.8%
Non – U.S. Equity Funds 8.8%
Bond Funds 49.9%
Short-Term Funds 26.5%
Net Other Assets (Liabilities) 0.0%
50Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 14.8%Shares Value
Fidelity Blue Chip Growth Fund 194,395 $ 13,650,445Fidelity Contrafund 88,841 9,069,757Fidelity Equity Dividend Income Fund 398,257 10,593,631Fidelity Equity-Income Fund 521,470 28,743,423Fidelity Growth Company Fund 137,849 19,575,893Fidelity Large Cap Stock Fund 513,093 14,397,388Fidelity Low-Priced Stock Fund 155,032 7,560,929Fidelity Mega Cap Stock Fund 638,851 10,585,762Fidelity Real Estate Investment Portfolio 50,915 2,227,529Fidelity Series Commodity Strategy
Fund 3,711,935 19,636,136Fidelity Stock Selector All Cap Fund 754,309 27,177,757Fidelity Stock Selector Small Cap Fund 303,055 7,543,034
TOTAL U.S. EQUITY FUNDS(Cost $143,340,834) 170,761,684
Non – U.S. Equity Funds – 8.8%
Fidelity Canada Fund 97,844 4,795,314Fidelity Diversified International Fund 644,385 22,830,568Fidelity Emerging Markets Fund 2,088,785 51,488,555Fidelity Overseas Fund 543,799 22,915,673
TOTAL NON – U.S. EQUITY FUNDS(Cost $90,598,757) 102,030,110
Bond Funds – 49.9%
Fidelity Corporate Bond Fund 3,096,382 36,165,737Fidelity Floating Rate High Income
Fund 305,065 2,916,426Fidelity Government Income Fund 12,306,139 130,937,320Fidelity High Income Fund 4,165,828 36,159,385Fidelity Inflation-Protected Bond Fund 3,553,871 44,245,692Fidelity Investment Grade Bond Fund 24,881,262 199,796,536Fidelity Mortgage Securities Fund 2,631,594 30,210,704Fidelity New Markets Income Fund 473,274 7,733,300Fidelity Real Estate Income Fund 453,538 5,492,350Fidelity Total Bond Fund 7,509,437 81,552,491
TOTAL BOND FUNDS(Cost $571,703,972) 575,209,941
UNIQUE Portfolio 2015 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 26.5%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 198,619,639 $ 198,619,639
Fidelity Short-Term Bond Fund 12,291,467 106,321,186
TOTAL SHORT-TERM FUNDS(Cost $303,851,688) 304,940,825
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $1,109,495,251) 1,152,942,560
NET OTHER ASSETS (LIABILITIES) – 0.0% (189,672)
NET ASSETS – 100% $1,152,752,888
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
51 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$1,109,495,251) $ 1,152,942,560Receivable for investments sold 588,461Receivable for units sold 268,959Distributions receivable 1,198,482
Total assets 1,154,998,462
LiabilitiesPayable for investments purchased $ 1,536,421Accrued management and administra-
tion fees 189,418Payable for units redeemed 519,735
Total liabilities 2,245,574Net Assets $ 1,152,752,888
Net Asset Value, offering price and redemption price per unit ($1,152,752,888 / 55,844,703 units) $ 20.64
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying
funds $ 21,473,312ExpensesManagement and administration fees $ 2,514,789
Total expenses 2,514,789
Net investment income (loss) 18,958,523Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of under-
lying funds’ shares 17,434,835Capital gain distributions from underly-
ing funds 10,104,922 27,539,757Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 31,812,548
Net gain (loss) 59,352,305Net increase (decrease) in net assets
resulting from operations $ 78,310,828
52Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 18,958,523 $ 21,201,695Net realized gain (loss) 27,539,757 43,803,919Change in net unrealized appreciation (depreciation) 31,812,548 (65,908,559)Net increase (decrease) in net assets resulting from operations 78,310,828 (902,945)
Unit transactionsProceeds from sales of units 101,819,027 115,302,065Cost of units redeemed (345,818,949) (233,062,330)Net increase (decrease) in net assets resulting from unit transactions (243,999,922) (117,760,265)Total increase (decrease) in net assets (165,689,094) (118,663,210)
Net AssetsBeginning of period 1,318,441,982 1,437,105,192End of period $ 1,152,752,888 $ 1,318,441,982
Other InformationUnit transactions
Sold 5,124,775 5,832,148Redeemed (17,275,225) (11,792,885)Net increase (decrease) (12,150,450) (5,960,737)
Financial Highlights UNIQUE Portfolio 2015 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 19.39 $ 19.43 $ 18.49 $ 17.63 $ 15.66Income from Investment Operations
Net investment income (loss) A .30 .29 .25 .23 .28Net realized and unrealized gain (loss) .95 (.33) .69 .63 1.69
Total increase (decrease) from investment operations 1.25 (.04) .94 .86 1.97Net asset value, end of period $ 20.64 $ 19.39 $ 19.43 $ 18.49 $ 17.63
Total Return 6.45% (.21)% 5.08% 4.88% 12.58%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 1,152,753 $ 1,318,442 $ 1,437,105 $ 1,382,902 $ 1,278,426Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.51% 1.48% 1.28% 1.27% 1.63%Portfolio Turnover Rate 32% 21% 27% 38% 30%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
53 Annual Report
UNIQUE Portfolio 2018 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 15.0Fidelity Total Bond Fund 12.9Fidelity Investments Money Market Government Portfolio Institutional Class 12.2Fidelity Government Income Fund 9.1Fidelity Short-Term Bond Fund 6.4Fidelity Emerging Markets Fund 5.1Fidelity Inflation-Protected Bond Fund 3.6Fidelity Equity-Income Fund 3.5Fidelity Stock Selector All Cap Fund 3.3Fidelity High Income Fund 3.1
74.2
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 20.1%
Non – U.S. Equity Funds 11.5%
Bond Funds 49.8%
Short-Term Funds 18.6%
Net Other Assets (Liabilities) 0.0%
54Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 20.1%Shares Value
Fidelity Blue Chip Growth Fund 445,914 $ 31,312,070Fidelity Contrafund 203,779 20,803,805Fidelity Equity Dividend Income Fund 913,517 24,299,543Fidelity Equity-Income Fund 1,196,134 65,930,927Fidelity Growth Company Fund 316,016 44,877,499Fidelity Large Cap Stock Fund 1,177,369 33,036,970Fidelity Low-Priced Stock Fund 355,904 17,357,449Fidelity Mega Cap Stock Fund 1,466,819 24,305,186Fidelity Real Estate Investment Portfolio 116,648 5,103,331Fidelity Series Commodity Strategy
Fund 6,055,334 32,032,716Fidelity Stock Selector All Cap Fund 1,730,173 62,338,130Fidelity Stock Selector Small Cap Fund 694,208 17,278,833
TOTAL U.S. EQUITY FUNDS(Cost $313,160,160) 378,676,459
Non – U.S. Equity Funds – 11.5%
Fidelity Canada Fund 218,403 10,703,952Fidelity Diversified International Fund 1,528,472 54,153,778Fidelity Emerging Markets Fund 3,917,344 96,562,527Fidelity Overseas Fund 1,284,533 54,130,226
TOTAL NON – U.S. EQUITY FUNDS(Cost $189,523,743) 215,550,483
Bond Funds – 49.8%
Fidelity Corporate Bond Fund 4,089,940 47,770,505Fidelity Floating Rate High Income
Fund 494,239 4,724,929Fidelity Government Income Fund 16,122,038 171,538,483Fidelity High Income Fund 6,621,228 57,472,257Fidelity Inflation-Protected Bond Fund 5,497,794 68,447,541Fidelity Investment Grade Bond Fund 35,129,255 282,087,921Fidelity Mortgage Securities Fund 3,431,466 39,393,235Fidelity New Markets Income Fund 757,521 12,377,894Fidelity Real Estate Income Fund 732,583 8,871,582Fidelity Total Bond Fund 22,318,650 242,380,539
TOTAL BOND FUNDS(Cost $924,867,284) 935,064,886
UNIQUE Portfolio 2018 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 18.6%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 228,753,704 $ 228,753,704
Fidelity Short-Term Bond Fund 13,991,625 121,027,559
TOTAL SHORT-TERM FUNDS(Cost $348,798,109) 349,781,263
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $1,776,349,296) 1,879,073,091
NET OTHER ASSETS (LIABILITIES) – 0.0% (306,437)
NET ASSETS – 100% $1,878,766,654
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
55 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$1,776,349,296) $ 1,879,073,091Receivable for investments sold 5,490,061Receivable for units sold 469,976Distributions receivable 1,924,971
Total assets 1,886,958,099
LiabilitiesPayable for investments purchased $ 7,785,666Accrued management and administra-
tion fees 306,471Payable for units redeemed 99,308
Total liabilities 8,191,445Net Assets $ 1,878,766,654
Net Asset Value, offering price and redemption price per unit ($1,878,766,654 / 90,634,408 units) $ 20.73
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying
funds $ 31,531,220ExpensesManagement and administration fees $ 3,564,784
Total expenses 3,564,784
Net investment income (loss) 27,966,436Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of
underlying funds’ shares 29,226,804Capital gain distributions from underly-
ing funds 18,644,142 47,870,946Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 57,737,461
Net gain (loss) 105,608,407Net increase (decrease) in net assets
resulting from operations $ 133,574,843
56Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 27,966,436 $ 27,469,582Net realized gain (loss) 47,870,946 64,231,382Change in net unrealized appreciation (depreciation) 57,737,461 (98,569,105)Net increase (decrease) in net assets resulting from operations 133,574,843 (6,868,141)
Unit transactionsProceeds from sales of units 131,094,623 139,936,055Cost of units redeemed (87,330,096) (77,196,936)Net increase (decrease) in net assets resulting from unit transactions 43,764,527 62,739,119Total increase (decrease) in net assets 177,339,370 55,870,978
Net AssetsBeginning of period 1,701,427,284 1,645,556,306End of period $ 1,878,766,654 $ 1,701,427,284
Other InformationUnit transactions
Sold 6,623,678 7,077,928Redeemed (4,390,643) (3,906,306)Net increase (decrease) 2,233,035 3,171,622
Financial Highlights UNIQUE Portfolio 2018 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 19.25 $ 19.31 $ 18.07 $ 16.74 $ 14.41Income from Investment Operations
Net investment income (loss) A .31 .32 .27 .24 .27Net realized and unrealized gain (loss) 1.17 (.38) .97 1.09 2.06
Total increase (decrease) from investment operations 1.48 (.06) 1.24 1.33 2.33Net asset value, end of period $ 20.73 $ 19.25 $ 19.31 $ 18.07 $ 16.74
Total Return 7.69% (.31)% 6.86% 7.95% 16.17%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 1,878,767 $ 1,701,427 $ 1,645,556 $ 1,478,574 $ 1,304,815Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.57% 1.60% 1.40% 1.40% 1.67%Portfolio Turnover Rate 24% 16% 25% 37% 31%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
57 Annual Report
UNIQUE Portfolio 2021 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 13.6Fidelity Total Bond Fund 10.7Fidelity Government Income Fund 7.7Fidelity Investments Money Market Government Portfolio Institutional Class 7.6Fidelity Emerging Markets Fund 6.4Fidelity Equity-Income Fund 5.2Fidelity Stock Selector All Cap Fund 5.0Fidelity Diversified International Fund 4.3Fidelity Overseas Fund 4.2Fidelity Short-Term Bond Fund 4.1
68.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 29.3%
Non – U.S. Equity Funds 15.7%
Bond Funds 43.3%
Short-Term Funds 11.7%
Net Other Assets (Liabilities) 0.0%
58Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 29.3%Shares Value
Fidelity Blue Chip Growth Fund 535,885 $ 37,629,865Fidelity Contrafund 244,900 25,001,807Fidelity Equity Dividend Income Fund 1,097,849 29,202,792Fidelity Equity-Income Fund 1,437,498 79,234,864Fidelity Growth Company Fund 379,795 53,934,685Fidelity Large Cap Stock Fund 1,414,929 39,702,905Fidelity Low-Priced Stock Fund 427,720 20,859,887Fidelity Mega Cap Stock Fund 1,762,796 29,209,535Fidelity Real Estate Investment Portfolio 140,202 6,133,854Fidelity Series Commodity Strategy
Fund 4,864,053 25,730,840Fidelity Stock Selector All Cap Fund 2,079,320 74,917,898Fidelity Stock Selector Small Cap Fund 834,309 20,765,942
TOTAL U.S. EQUITY FUNDS(Cost $364,786,589) 442,324,874
Non – U.S. Equity Funds – 15.7%
Fidelity Canada Fund 258,331 12,660,802Fidelity Diversified International Fund 1,807,708 64,047,088Fidelity Emerging Markets Fund 3,896,491 96,048,515Fidelity Overseas Fund 1,519,192 64,018,769
TOTAL NON – U.S. EQUITY FUNDS(Cost $208,945,349) 236,775,174
Bond Funds – 43.3%
Fidelity Corporate Bond Fund 2,761,515 32,254,499Fidelity Floating Rate High Income
Fund 395,688 3,782,777Fidelity Government Income Fund 10,941,608 116,418,709Fidelity High Income Fund 5,255,300 45,616,002Fidelity Inflation-Protected Bond Fund 3,584,917 44,632,216Fidelity Investment Grade Bond Fund 25,497,122 204,741,891Fidelity Mortgage Securities Fund 2,328,157 26,727,238Fidelity New Markets Income Fund 606,068 9,903,150Fidelity Real Estate Income Fund 581,710 7,044,510Fidelity Total Bond Fund 14,921,173 162,043,935
TOTAL BOND FUNDS(Cost $644,822,793) 653,164,927
UNIQUE Portfolio 2021 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 11.7%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 115,090,711 $ 115,090,711
Fidelity Short-Term Bond Fund 7,075,083 61,199,471
TOTAL SHORT-TERM FUNDS(Cost $175,994,360) 176,290,182
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $1,394,549,091) 1,508,555,157
NET OTHER ASSETS (LIABILITIES) – 0.0% (245,598)
NET ASSETS – 100% $1,508,309,559
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
59 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$1,394,549,091) $ 1,508,555,157Receivable for investments sold 5,370,400Receivable for units sold 671,291Distributions receivable 1,326,720
Total assets 1,515,923,568
LiabilitiesPayable for investments purchased $ 7,163,134Accrued management and administra-
tion fees 245,656Payable for units redeemed 205,219
Total liabilities 7,614,009Net Assets $ 1,508,309,559
Net Asset Value, offering price and redemption price per unit ($1,508,309,559 / 72,802,700 units) $ 20.72
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying
funds $ 24,040,797ExpensesManagement and administration fees $ 2,810,457
Total expenses 2,810,457
Net investment income (loss) 21,230,340Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of
underlying funds’ shares 23,052,336Capital gain distributions from underly-
ing funds 19,067,526 42,119,862Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 58,230,343
Net gain (loss) 100,350,205Net increase (decrease) in net assets
resulting from operations $ 121,580,545
60Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 21,230,340 $ 21,278,342Net realized gain (loss) 42,119,862 59,559,432Change in net unrealized appreciation (depreciation) 58,230,343 (90,542,258)Net increase (decrease) in net assets resulting from operations 121,580,545 (9,704,484)
Unit transactionsProceeds from sales of units 122,081,940 124,275,447Cost of units redeemed (51,556,327) (53,673,264)Net increase (decrease) in net assets resulting from unit transactions 70,525,613 70,602,183Total increase (decrease) in net assets 192,106,158 60,897,699
Net AssetsBeginning of period 1,316,203,401 1,255,305,702End of period $ 1,508,309,559 $ 1,316,203,401
Other InformationUnit transactions
Sold 6,211,171 6,310,262Redeemed (2,608,301) (2,723,495)Net increase (decrease) 3,602,870 3,586,767
Financial Highlights UNIQUE Portfolio 2021 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 19.02 $ 19.13 $ 17.65 $ 15.90 $ 13.28Income from Investment Operations
Net investment income (loss) A .30 .32 .26 .24 .25Net realized and unrealized gain (loss) 1.40 (.43) 1.22 1.51 2.37
Total increase (decrease) from investment operations 1.70 (.11) 1.48 1.75 2.62Net asset value, end of period $ 20.72 $ 19.02 $ 19.13 $ 17.65 $ 15.90
Total Return 8.94% (.58)% 8.39% 11.01% 19.73%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 1,508,310 $ 1,316,203 $ 1,255,306 $ 1,089,515 $ 921,434Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.51% 1.60% 1.41% 1.45% 1.70%Portfolio Turnover Rate 20% 15% 25% 34% 32%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
61 Annual Report
UNIQUE Portfolio 2024 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 11.8Fidelity Total Bond Fund 8.4Fidelity Emerging Markets Fund 7.3Fidelity Equity-Income Fund 6.9Fidelity Stock Selector All Cap Fund 6.5Fidelity Government Income Fund 6.4Fidelity Diversified International Fund 5.5Fidelity Overseas Fund 5.5Fidelity Growth Company Fund 4.7Fidelity Investments Money Market Government Portfolio Institutional Class 4.3
67.3
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 38.0%
Non – U.S. Equity Funds 19.4%
Bond Funds 36.1%
Short-Term Funds 6.5%
Net Other Assets (Liabilities) 0.0%
62Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 38.0%Shares Value
Fidelity Blue Chip Growth Fund 363,719 $ 25,540,381Fidelity Contrafund 166,222 16,969,618Fidelity Equity Dividend Income Fund 745,145 19,820,846Fidelity Equity-Income Fund 975,675 53,779,230Fidelity Growth Company Fund 257,785 36,608,000Fidelity Large Cap Stock Fund 960,350 26,947,417Fidelity Low-Priced Stock Fund 290,306 14,158,233Fidelity Mega Cap Stock Fund 1,196,464 19,825,410Fidelity Real Estate Investment Portfolio 95,167 4,163,542Fidelity Series Commodity Strategy
Fund 2,516,716 13,313,426Fidelity Stock Selector All Cap Fund 1,411,312 50,849,581Fidelity Stock Selector Small Cap Fund 566,281 14,094,725
TOTAL U.S. EQUITY FUNDS(Cost $246,948,296) 296,070,409
Non – U.S. Equity Funds – 19.4%
Fidelity Canada Fund 173,986 8,527,054Fidelity Diversified International Fund 1,217,584 43,139,005Fidelity Emerging Markets Fund 2,312,174 56,995,087Fidelity Overseas Fund 1,023,247 43,119,625
TOTAL NON – U.S. EQUITY FUNDS(Cost $135,727,981) 151,780,771
Bond Funds – 36.1%
Fidelity Corporate Bond Fund 1,173,819 13,710,201Fidelity Floating Rate High Income Fund 203,611 1,946,521Fidelity Government Income Fund 4,677,628 49,769,965Fidelity High Income Fund 2,682,433 23,283,520Fidelity Inflation-Protected Bond Fund 1,197,219 14,905,377Fidelity Investment Grade Bond Fund 11,480,248 92,186,391Fidelity Mortgage Securities Fund 991,817 11,386,056Fidelity New Markets Income Fund 310,794 5,078,372Fidelity Real Estate Income Fund 297,709 3,605,253Fidelity Total Bond Fund 6,016,610 65,340,382
TOTAL BOND FUNDS(Cost $277,435,457) 281,212,038
UNIQUE Portfolio 2024 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 6.5%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 33,048,826 $ 33,048,826
Fidelity Short-Term Bond Fund 2,018,303 17,458,325
TOTAL SHORT-TERM FUNDS(Cost $50,438,208) 50,507,151
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $710,549,942) 779,570,369
NET OTHER ASSETS (LIABILITIES) – 0.0% (126,720)
NET ASSETS – 100% $779,443,649
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
63 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$710,549,942) $ 779,570,369Receivable for investments sold 2,614,714Receivable for units sold 321,630Distributions receivable 575,370
Total assets 783,082,083
LiabilitiesPayable for investments purchased $ 3,484,882Accrued management and administra-
tion fees 126,737Payable for units redeemed 26,815
Total liabilities 3,638,434Net Assets $ 779,443,649
Net Asset Value, offering price and redemption price per unit ($779,443,649 / 42,927,883 units) $ 18.16
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying
funds $ 11,796,044ExpensesManagement and administration fees $ 1,426,915
Total expenses 1,426,915
Net investment income (loss) 10,369,129Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of under-
lying funds’ shares 10,587,080Capital gain distributions from underly-
ing funds 11,761,445 22,348,525Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 36,404,159
Net gain (loss) 58,752,684Net increase (decrease) in net assets
resulting from operations $ 69,121,813
64Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 10,369,129 $ 10,107,168Net realized gain (loss) 22,348,525 33,929,378Change in net unrealized appreciation (depreciation) 36,404,159 (52,208,730)Net increase (decrease) in net assets resulting from operations 69,121,813 (8,172,184)
Unit transactionsProceeds from sales of units 80,515,077 79,488,200Cost of units redeemed (25,739,958) (27,097,806)Net increase (decrease) in net assets resulting from unit transactions 54,775,119 52,390,394Total increase (decrease) in net assets 123,896,932 44,218,210
Net AssetsBeginning of period 655,546,717 611,328,507End of period $ 779,443,649 $ 655,546,717
Other InformationUnit transactions
Sold 4,703,936 4,614,189Redeemed (1,494,351) (1,570,026)Net increase (decrease) 3,209,585 3,044,163
Financial Highlights UNIQUE Portfolio 2024 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 16.50 $ 16.67 $ 15.19 $ 13.32 $ 10.88Income from Investment Operations
Net investment income (loss) A .25 .26 .21 .20 .20Net realized and unrealized gain (loss) 1.41 (.43) 1.27 1.67 2.24
Total increase (decrease) from investment operations 1.66 (.17) 1.48 1.87 2.44Net asset value, end of period $ 18.16 $ 16.50 $ 16.67 $ 15.19 $ 13.32
Total Return 10.06% (1.02)% 9.74% 14.04% 22.43%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 779,444 $ 655,547 $ 611,329 $ 504,666 $ 396,523Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.45% 1.53% 1.28% 1.44% 1.62%Portfolio Turnover Rate 16% 16% 18% 28% 36%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
65 Annual Report
UNIQUE Portfolio 2027 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 10.6Fidelity Equity-Income Fund 8.6Fidelity Emerging Markets Fund 8.2Fidelity Stock Selector All Cap Fund 8.1Fidelity Diversified International Fund 6.8Fidelity Overseas Fund 6.8Fidelity Total Bond Fund 6.1Fidelity Growth Company Fund 5.8Fidelity Government Income Fund 4.3Fidelity Large Cap Stock Fund 4.3
69.6
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 46.8%
Non – U.S. Equity Funds 23.1%
Bond Funds 28.1%
Short-Term Funds 2.0%
Net Other Assets (Liabilities) 0.0%
66Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 46.8%Shares Value
Fidelity Blue Chip Growth Fund 209,983 $ 14,745,010Fidelity Contrafund 95,964 9,797,001Fidelity Equity Dividend Income Fund 430,190 11,443,059Fidelity Equity-Income Fund 563,282 31,048,129Fidelity Growth Company Fund 148,827 21,134,946Fidelity Large Cap Stock Fund 554,432 15,557,355Fidelity Low-Priced Stock Fund 167,602 8,173,928Fidelity Mega Cap Stock Fund 690,748 11,445,687Fidelity Real Estate Investment Portfolio 54,944 2,403,819Fidelity Series Commodity Strategy
Fund 1,145,438 6,059,368Fidelity Stock Selector All Cap Fund 814,790 29,356,898Fidelity Stock Selector Small Cap Fund 326,932 8,137,346
TOTAL U.S. EQUITY FUNDS(Cost $144,795,370) 169,302,546
Non – U.S. Equity Funds – 23.1%
Fidelity Canada Fund 99,571 4,879,977Fidelity Diversified International Fund 696,815 24,688,143Fidelity Emerging Markets Fund 1,198,533 29,543,841Fidelity Overseas Fund 585,596 24,677,014
TOTAL NON – U.S. EQUITY FUNDS(Cost $75,030,796) 83,788,975
Bond Funds – 28.1%
Fidelity Corporate Bond Fund 366,859 4,284,911Fidelity Floating Rate High Income Fund 94,258 901,104Fidelity Government Income Fund 1,477,455 15,720,120Fidelity High Income Fund 1,230,564 10,681,297Fidelity Inflation-Protected Bond Fund 161,017 2,004,661Fidelity Investment Grade Bond Fund 4,771,454 38,314,774Fidelity Mortgage Securities Fund 311,734 3,578,705Fidelity New Markets Income Fund 143,749 2,348,856Fidelity Real Estate Income Fund 136,934 1,658,267Fidelity Total Bond Fund 2,040,373 22,158,450
TOTAL BOND FUNDS(Cost $100,132,140) 101,651,145
UNIQUE Portfolio 2027 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 2.0%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 4,844,370 $ 4,844,370
Fidelity Short-Term Bond Fund 289,657 2,505,537
TOTAL SHORT-TERM FUNDS(Cost $7,344,040) 7,349,907
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $327,302,346) 362,092,573
NET OTHER ASSETS (LIABILITIES) – 0.0% (58,758)
NET ASSETS – 100% $362,033,815
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
67 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$327,302,346) $ 362,092,573Receivable for investments sold 1,202,479Receivable for units sold 234,821Distributions receivable 215,468
Total assets 363,745,341
LiabilitiesPayable for investments purchased $ 1,647,668Accrued management and administra-
tion fees 58,757Payable for units redeemed 5,101
Total liabilities 1,711,526Net Assets $ 362,033,815
Net Asset Value, offering price and redemption price per unit ($362,033,815 / 25,634,224 units) $ 14.12
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 5,041,641ExpensesManagement and administration fees $ 652,797
Total expenses 652,797
Net investment income (loss) 4,388,844Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 4,248,101Capital gain distributions from underlying
funds 6,288,480 10,536,581Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 19,523,142
Net gain (loss) 30,059,723Net increase (decrease) in net assets
resulting from operations $ 34,448,567
68Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 4,388,844 $ 3,976,052Net realized gain (loss) 10,536,581 15,379,985Change in net unrealized appreciation (depreciation) 19,523,142 (25,179,544)Net increase (decrease) in net assets resulting from operations 34,448,567 (5,823,507)
Unit transactionsProceeds from sales of units 49,808,579 53,139,395Cost of units redeemed (15,323,757) (12,676,872)Net increase (decrease) in net assets resulting from unit transactions 34,484,822 40,462,523Total increase (decrease) in net assets 68,933,389 34,639,016
Net AssetsBeginning of period 293,100,426 258,461,410End of period $ 362,033,815 $ 293,100,426
Other InformationUnit transactions
Sold 3,755,826 3,975,781Redeemed (1,149,934) (946,988)Net increase (decrease) 2,605,892 3,028,793
Financial Highlights UNIQUE Portfolio 2027 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 12.73 $ 12.92 $ 11.65 $ 9.98 $ 8.03Income from Investment Operations
Net investment income (loss) A .18 .18 .14 .15 .15Net realized and unrealized gain (loss) 1.21 (.37) 1.13 1.52 1.80
Total increase (decrease) from investment operations 1.39 (.19) 1.27 1.67 1.95Net asset value, end of period $ 14.12 $ 12.73 $ 12.92 $ 11.65 $ 9.98
Total Return 10.92% (1.47)% 10.90% 16.73% 24.28%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 362,034 $ 293,100 $ 258,461 $ 195,887 $ 133,404Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.34% 1.37% 1.15% 1.43% 1.57%Portfolio Turnover Rate 15% 16% 15% 21% 36%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
69 Annual Report
UNIQUE Portfolio 2030 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Equity-Income Fund 10.2Fidelity Stock Selector All Cap Fund 9.7Fidelity Emerging Markets Fund 9.1Fidelity Diversified International Fund 8.1Fidelity Overseas Fund 8.1Fidelity Investment Grade Bond Fund 7.1Fidelity Growth Company Fund 7.0Fidelity Large Cap Stock Fund 5.1Fidelity Blue Chip Growth Fund 4.8Fidelity Mega Cap Stock Fund 3.8
73.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 55.5%
Non – U.S. Equity Funds 26.9%
Bond Funds 17.5%
Short-Term Funds 0.1%
Net Other Assets (Liabilities) 0.0%
70Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 55.5%Shares Value
Fidelity Blue Chip Growth Fund 131,567 $ 9,238,635Fidelity Contrafund 60,119 6,137,574Fidelity Equity Dividend Income Fund 269,503 7,168,769Fidelity Equity-Income Fund 352,881 19,450,816Fidelity Growth Company Fund 93,237 13,240,627Fidelity Large Cap Stock Fund 347,258 9,744,048Fidelity Low-Priced Stock Fund 104,959 5,118,861Fidelity Mega Cap Stock Fund 432,735 7,170,412Fidelity Real Estate Investment Portfolio 34,423 1,506,004Fidelity Series Commodity Strategy
Fund 612,537 3,240,321Fidelity Stock Selector All Cap Fund 510,484 18,392,723Fidelity Stock Selector Small Cap Fund 204,870 5,099,202
TOTAL U.S. EQUITY FUNDS(Cost $97,286,947) 105,507,992
Non – U.S. Equity Funds – 26.9%
Fidelity Canada Fund 62,284 3,052,517Fidelity Diversified International Fund 434,680 15,400,716Fidelity Emerging Markets Fund 699,434 17,241,059Fidelity Overseas Fund 365,302 15,393,815
TOTAL NON – U.S. EQUITY FUNDS(Cost $47,613,741) 51,088,107
Bond Funds – 17.5%
Fidelity Corporate Bond Fund 82,382 962,226Fidelity Floating Rate High Income Fund 49,320 471,500Fidelity Government Income Fund 342,204 3,641,054Fidelity High Income Fund 622,611 5,404,265Fidelity Inflation-Protected Bond Fund 88,018 1,095,823Fidelity Investment Grade Bond Fund 1,668,585 13,398,735Fidelity Mortgage Securities Fund 76,179 874,540Fidelity New Markets Income Fund 75,081 1,226,828Fidelity Real Estate Income Fund 71,279 863,193Fidelity Total Bond Fund 496,970 5,397,090
TOTAL BOND FUNDS(Cost $32,861,376) 33,335,254
UNIQUE Portfolio 2030 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Short-Term Funds – 0.1%Shares Value
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 74,558 $ 74,558
Fidelity Short-Term Bond Fund 3,404 29,447
TOTAL SHORT-TERM FUNDS(Cost $103,995) 104,005
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $177,866,059) 190,035,358
NET OTHER ASSETS (LIABILITIES) – 0.0% (30,765)
NET ASSETS – 100% $190,004,593
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
71 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$177,866,059) $ 190,035,358Receivable for investments sold 607,277Receivable for units sold 178,852Distributions receivable 73,740
Total assets 190,895,227
LiabilitiesPayable for investments purchased $ 859,869Accrued management and administration
fees 30,765Total liabilities 890,634
Net Assets $ 190,004,593
Net Asset Value, offering price and redemption price per unit ($190,004,593 / 12,217,432 units) $ 15.55
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 2,211,757ExpensesManagement and administration fees $ 327,360
Total expenses 327,360
Net investment income (loss) 1,884,397Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 751,103Capital gain distributions from underlying
funds 3,520,864 4,271,967Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 12,487,040
Net gain (loss) 16,759,007Net increase (decrease) in net assets
resulting from operations $ 18,643,404
72Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 1,884,397 $ 1,494,523Net realized gain (loss) 4,271,967 5,333,885Change in net unrealized appreciation (depreciation) 12,487,040 (11,048,458)Net increase (decrease) in net assets resulting from operations 18,643,404 (4,220,050)
Unit transactionsProceeds from sales of units 41,406,606 43,699,622Cost of units redeemed (7,520,133) (5,479,334)Net increase (decrease) in net assets resulting from unit transactions 33,886,473 38,220,288Total increase (decrease) in net assets 52,529,877 34,000,238
Net AssetsBeginning of period 137,474,716 103,474,478End of period $ 190,004,593 $ 137,474,716
Other InformationUnit transactions
Sold 2,851,548 2,966,955Redeemed (512,225) (372,681)Net increase (decrease) 2,339,323 2,594,274
Financial Highlights UNIQUE Portfolio 2030 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 13.92 $ 14.21 $ 12.73 $ 10.77 $ 8.61Income from Investment Operations
Net investment income (loss) A .17 .17 .14 .15 .13Net realized and unrealized gain (loss) 1.46 (.46) 1.34 1.81 2.03
Total increase (decrease) from investment operations 1.63 (.29) 1.48 1.96 2.16Net asset value, end of period $ 15.55 $ 13.92 $ 14.21 $ 12.73 $ 10.77
Total Return 11.71% (2.04)% 11.63% 18.20% 25.09%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 190,005 $ 137,475 $ 103,474 $ 56,269 $ 20,387Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.15% 1.16% 1.01% 1.31% 1.28%Portfolio Turnover Rate 12% 10% 15% 15% 36%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
73 Annual Report
UNIQUE Portfolio 2033 (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Equity-Income Fund 11.9Fidelity Stock Selector All Cap Fund 11.3Fidelity Emerging Markets Fund 9.9Fidelity Overseas Fund 9.5Fidelity Diversified International Fund 9.5Fidelity Growth Company Fund 8.1Fidelity Large Cap Stock Fund 6.0Fidelity Blue Chip Growth Fund 5.7Fidelity Mega Cap Stock Fund 4.4Fidelity Equity Dividend Income Fund 4.4
80.7
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 64.8%
Non – U.S. Equity Funds 30.8%
Bond Funds 4.3%
Short-Term Funds 0.1%
Net Other Assets (Liabilities) 0.0%
74Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 64.8%Shares Value
Fidelity Blue Chip Growth Fund 45,742 $ 3,212,018Fidelity Contrafund 20,957 2,139,455Fidelity Equity Dividend Income Fund 92,732 2,466,678Fidelity Equity-Income Fund 122,028 6,726,166Fidelity Growth Company Fund 32,315 4,589,123Fidelity Large Cap Stock Fund 120,709 3,387,108Fidelity Low-Priced Stock Fund 36,545 1,782,295Fidelity Mega Cap Stock Fund 150,919 2,500,731Fidelity Real Estate Investment Portfolio 11,844 518,190Fidelity Series Commodity Strategy
Fund 198,341 1,049,223Fidelity Stock Selector All Cap Fund 176,564 6,361,590Fidelity Stock Selector Small Cap Fund 71,812 1,787,409
TOTAL U.S. EQUITY FUNDS(Cost $35,471,692) 36,519,986
Non – U.S. Equity Funds – 30.8%
Fidelity Canada Fund 21,353 1,046,522Fidelity Diversified International Fund 151,134 5,354,680Fidelity Emerging Markets Fund 226,641 5,586,695Fidelity Overseas Fund 127,557 5,375,246
TOTAL NON – U.S. EQUITY FUNDS(Cost $16,688,569) 17,363,143
Bond Funds – 4.3%
Fidelity Floating Rate High Income Fund 10,824 103,479Fidelity High Income Fund 120,194 1,043,282Fidelity Inflation-Protected Bond Fund 27,272 339,536Fidelity Investment Grade Bond Fund 43,631 350,355Fidelity New Markets Income Fund 16,876 275,751Fidelity Real Estate Income Fund 25,731 311,597
TOTAL BOND FUNDS(Cost $2,353,353) 2,424,000
Short-Term Funds – 0.1%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 18,290 18,290
Fidelity Short-Term Bond Fund 1,139 9,849
TOTAL SHORT-TERM FUNDS(Cost $28,139) 28,139
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $54,541,753) 56,335,268
NET OTHER ASSETS (LIABILITIES) – 0.0% (8,957)
NET ASSETS – 100% $56,326,311
UNIQUE Portfolio 2033 (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
75 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$54,541,753) $ 56,335,268Receivable for investments sold 183,778Receivable for units sold 134,337Distributions receivable 6,264
Total assets 56,659,647
LiabilitiesPayable for investments purchased $ 323,286Accrued management and administration
fees 8,956Payable for units redeemed 1,094
Total liabilities 333,336Net Assets $ 56,326,311
Net Asset Value, offering price and re-demption price per unit ($56,326,311 / 4,847,661 units) $ 11.62
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 401,308ExpensesManagement and administration fees $ 78,967
Total expenses 78,967
Net investment income (loss) 322,341Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares (70,071)Capital gain distributions from underlying
funds 832,280 762,209Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 3,802,634Net gain (loss) 4,564,843Net increase (decrease) in net assets resulting
from operations $ 4,887,184
76Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 322,341 $ 112,885Net realized gain (loss) 762,209 421,045Change in net unrealized appreciation (depreciation) 3,802,634 (1,992,805)Net increase (decrease) in net assets resulting from operations 4,887,184 (1,458,875)
Unit transactionsProceeds from sales of units 30,055,678 21,267,105Cost of units redeemed (2,192,227) (1,421,884)Net increase (decrease) in net assets resulting from unit transactions 27,863,451 19,845,221Total increase (decrease) in net assets 32,750,635 18,386,346
Net AssetsBeginning of period 23,575,676 5,189,330End of period $ 56,326,311 $ 23,575,676
Other InformationUnit transactions
Sold 2,768,976 1,919,927Redeemed (201,647) (128,434)Net increase (decrease) 2,567,329 1,791,493
Financial Highlights UNIQUE Portfolio 2033 (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 A
Selected Per Unit Data Net asset value, beginning of period $ 10.34 $ 10.62 $ 10.00Income from Investment Operations
Net investment income (loss) B .09 .08 .05Net realized and unrealized gain (loss) 1.19 (.36) .57
Total increase (decrease) from investment operations 1.28 (.28) .62Net asset value, end of period $ 11.62 $ 10.34 $ 10.62
Total Return 12.38% (2.64)% 6.20%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 56,326 $ 23,576 $ 5,189Ratio of expenses to average net assets .20% .20% .20%D
Ratio of net investment income (loss) to average net assets .81% .76% .57%D
Portfolio Turnover Rate 7% 11% 19%D
A For the period December 18, 2013 to September 30, 2014.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.D Annualized
77 Annual Report
UNIQUE Conservative Portfolio (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investments Money Market Government Portfolio Institutional Class 35.6Fidelity Short-Term Bond Fund 19.2Fidelity Investment Grade Bond Fund 15.8Fidelity Total Bond Fund 11.5Fidelity Government Income Fund 9.2Fidelity Corporate Bond Fund 2.5Fidelity Mortgage Securities Fund 2.1Fidelity High Income Fund 2.1Fidelity Real Estate Income Fund 0.5Fidelity Floating Rate High Income Fund 0.5
99.0
Asset Allocation (% of Portfolio’s net assets)
Bond Funds 45.2%
Short-Term Funds 54.8%
Net Other Assets (Liabilities) 0.0%
78Annual Report
See accompanying notes which are an integral part of the financial statements.
Bond Funds – 45.2%Shares Value
Fidelity Corporate Bond Fund 203,811 $ 2,380,511Fidelity Floating Rate High Income Fund 50,350 481,347Fidelity Government Income Fund 813,804 8,658,874Fidelity High Income Fund 225,146 1,954,271Fidelity Inflation-Protected Bond Fund 37,790 470,482Fidelity Investment Grade Bond Fund 1,840,509 14,779,285Fidelity Mortgage Securities Fund 172,657 1,982,107Fidelity New Markets Income Fund 26,084 426,208Fidelity Real Estate Income Fund 39,889 483,051Fidelity Total Bond Fund 993,726 10,791,861
TOTAL BOND FUNDS(Cost $41,929,342) 42,407,997
Short-Term Funds – 54.8%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 33,481,356 33,481,356
Fidelity Short-Term Bond Fund 2,081,658 18,006,339
TOTAL SHORT-TERM FUNDS(Cost $51,330,749) 51,487,695
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $93,260,091) 93,895,692
NET OTHER ASSETS (LIABILITIES) – 0.0% (15,232)
NET ASSETS – 100% $93,880,460
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Conservative Portfolio (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
79 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Conservative Portfolio (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$93,260,091) $ 93,895,692Receivable for investments sold 88,698Receivable for units sold 54,656Distributions receivable 105,438
Total assets 94,144,484
LiabilitiesPayable for investments purchased $ 201,320Accrued management and administration
fees 15,244Payable for units redeemed 47,460
Total liabilities 264,024Net Assets $ 93,880,460
Net Asset Value, offering price and re-demption price per unit ($93,880,460 / 6,090,133 units) $ 15.42
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 1,409,035ExpensesManagement and administration fees $ 185,379
Total expenses 185,379
Net investment income (loss) 1,223,656Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares (14,684)Capital gain distributions from underlying
funds 158,492 143,808Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 1,496,302Net gain (loss) 1,640,110Net increase (decrease) in net assets resulting
from operations $ 2,863,766
80Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Conservative Portfolio (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 1,223,656 $ 1,167,624Net realized gain (loss) 143,808 166,764Change in net unrealized appreciation (depreciation) 1,496,302 (664,282)Net increase (decrease) in net assets resulting from operations 2,863,766 670,106
Unit transactionsProceeds from sales of units 18,152,217 19,551,159Cost of units redeemed (19,660,645) (23,194,084)Net increase (decrease) in net assets resulting from unit transactions (1,508,428) (3,642,925)Total increase (decrease) in net assets 1,355,338 (2,972,819)
Net AssetsBeginning of period 92,525,122 95,497,941End of period $ 93,880,460 $ 92,525,122
Other InformationUnit transactions
Sold 1,200,006 1,305,790Redeemed (1,300,302) (1,549,896)Net increase (decrease) (100,296) (244,106)
Financial Highlights UNIQUE Conservative Portfolio (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.95 $ 14.84 $ 14.56 $ 14.65 $ 14.13Income from Investment Operations
Net investment income (loss) A .20 .18 .17 .14 .20Net realized and unrealized gain (loss) .27 (.07) .11 (.23) .32
Total increase (decrease) from investment operations .47 .11 .28 (.09) .52Net asset value, end of period $ 15.42 $ 14.95 $ 14.84 $ 14.56 $ 14.65
Total Return 3.14% .74% 1.92% (.61)% 3.68%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 93,880 $ 92,525 $ 95,498 $ 104,667 $ 114,787Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.32% 1.23% 1.13% .95% 1.37%Portfolio Turnover Rate 54% 14% 21% 38% 25%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
81 Annual Report
UNIQUE Moderate Growth Portfolio (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investment Grade Bond Fund 10.7Fidelity Equity-Income Fund 9.1Fidelity Stock Selector All Cap Fund 8.6Fidelity Diversified International Fund 6.9Fidelity Overseas Fund 6.9Fidelity Growth Company Fund 6.2Fidelity Emerging Markets Fund 5.8Fidelity Government Income Fund 5.3Fidelity Large Cap Stock Fund 4.6Fidelity Total Bond Fund 4.4
68.5
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 49.0%
Non – U.S. Equity Funds 21.0%
Bond Funds 30.0%
Net Other Assets (Liabilities) 0.0%
82Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 49.0%Shares Value
Fidelity Blue Chip Growth Fund 166,117 $ 11,664,736Fidelity Contrafund 75,866 7,745,120Fidelity Equity Dividend Income Fund 340,123 9,047,281Fidelity Equity-Income Fund 445,516 24,556,856Fidelity Growth Company Fund 117,738 16,720,039Fidelity Large Cap Stock Fund 438,420 12,302,067Fidelity Low-Priced Stock Fund 132,480 6,461,062Fidelity Mega Cap Stock Fund 546,129 9,049,361Fidelity Real Estate Investment Portfolio 43,342 1,896,201Fidelity Series Commodity Strategy
Fund 534,493 2,827,470Fidelity Stock Selector All Cap Fund 644,437 23,219,050Fidelity Stock Selector Small Cap Fund 258,641 6,437,563
TOTAL U.S. EQUITY FUNDS(Cost $105,385,694) 131,926,806
Non – U.S. Equity Funds – 21.0%
Fidelity Canada Fund 77,022 3,774,832Fidelity Diversified International Fund 520,651 18,446,653Fidelity Emerging Markets Fund 638,726 15,744,585Fidelity Overseas Fund 437,547 18,438,246
TOTAL NON – U.S. EQUITY FUNDS(Cost $48,358,164) 56,404,316
Bond Funds – 30.0%
Fidelity Corporate Bond Fund 335,428 3,917,795Fidelity Floating Rate High Income Fund 281,573 2,691,835Fidelity Government Income Fund 1,338,937 14,246,284Fidelity High Income Fund 1,276,897 11,083,466Fidelity Inflation-Protected Bond Fund 108,433 1,349,987Fidelity Investment Grade Bond Fund 3,574,494 28,703,184Fidelity Mortgage Securities Fund 281,054 3,226,500Fidelity New Markets Income Fund 72,006 1,176,580Fidelity Real Estate Income Fund 214,930 2,602,806Fidelity Total Bond Fund 1,092,440 11,863,896
TOTAL BOND FUNDS(Cost $80,045,334) 80,862,333
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $233,789,192) 269,193,455
NET OTHER ASSETS (LIABILITIES) – 0.0% (43,930)
NET ASSETS – 100% $269,149,525
UNIQUE Moderate Growth Portfolio (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
83 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Moderate Growth Portfolio (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$233,789,192) $ 269,193,455Receivable for investments sold 912,907Receivable for units sold 121,075Distributions receivable 172,500
Total assets 270,399,937
LiabilitiesPayable for investments purchased $ 1,153,352Accrued management and administra-
tion fees 43,911Payable for units redeemed 53,149
Total liabilities 1,250,412Net Assets $ 269,149,525
Net Asset Value, offering price and redemption price per unit ($269,149,525 / 12,652,735 units) $ 21.27
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 4,453,708ExpensesManagement and administration fees $ 531,045
Total expenses 531,045
Net investment income (loss) 3,922,663Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 5,997,691Capital gain distributions from underlying
funds 5,259,565 11,257,256Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 12,188,609
Net gain (loss) 23,445,865Net increase (decrease) in net assets
resulting from operations $ 27,368,528
84Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Moderate Growth Portfolio (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 3,922,663 $ 4,242,973Net realized gain (loss) 11,257,256 14,642,249Change in net unrealized appreciation (depreciation) 12,188,609 (22,348,970)Net increase (decrease) in net assets resulting from operations 27,368,528 (3,463,748)
Unit transactionsProceeds from sales of units 30,090,540 38,268,548Cost of units redeemed (49,688,238) (48,346,920)Net increase (decrease) in net assets resulting from unit transactions (19,597,698) (10,078,372)Total increase (decrease) in net assets 7,770,830 (13,542,120)
Net AssetsBeginning of period 261,378,695 274,920,815End of period $ 269,149,525 $ 261,378,695
Other InformationUnit transactions
Sold 1,508,654 1,896,382Redeemed (2,466,182) (2,400,433)Net increase (decrease) (957,528) (504,051)
Financial Highlights UNIQUE Moderate Growth Portfolio (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 19.20 $ 19.48 $ 17.68 $ 15.49 $ 12.75Income from Investment Operations
Net investment income (loss) A .30 .31 .25 .25 .26Net realized and unrealized gain (loss) 1.77 (.59) 1.55 1.94 2.48
Total increase (decrease) from investment operations 2.07 (.28) 1.80 2.19 2.74Net asset value, end of period $ 21.27 $ 19.20 $ 19.48 $ 17.68 $ 15.49
Total Return 10.78% (1.44)% 10.18% 14.14% 21.49%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 269,150 $ 261,379 $ 274,921 $ 250,786 $ 226,459Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.48% 1.51% 1.32% 1.50% 1.78%Portfolio Turnover Rate 16% 15% 20% 34% 38%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
85 Annual Report
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Equity-Income Fund 13.1Fidelity Stock Selector All Cap Fund 12.4Fidelity Diversified International Fund 10.0Fidelity Overseas Fund 10.0Fidelity Growth Company Fund 9.0Fidelity Emerging Markets Fund 7.9Fidelity Large Cap Stock Fund 6.6Fidelity Blue Chip Growth Fund 6.2Fidelity Mega Cap Stock Fund 4.8Fidelity Equity Dividend Income Fund 4.8
84.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 70.1%
Non – U.S. Equity Funds 29.9%
Net Other Assets (Liabilities) 0.0%
86Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 70.1%Shares Value
Fidelity Blue Chip Growth Fund 488,557 $ 34,306,479Fidelity Contrafund 223,159 22,782,268Fidelity Equity Dividend Income Fund 1,000,594 26,615,800Fidelity Equity-Income Fund 1,311,252 72,276,213Fidelity Growth Company Fund 346,629 49,224,853Fidelity Large Cap Stock Fund 1,290,007 36,197,598Fidelity Low-Priced Stock Fund 389,624 19,001,944Fidelity Mega Cap Stock Fund 1,606,631 26,621,880Fidelity Real Estate Investment Portfolio 127,344 5,571,311Fidelity Series Commodity Strategy
Fund 1,091,720 5,775,197Fidelity Stock Selector All Cap Fund 1,896,699 68,338,048Fidelity Stock Selector Small Cap Fund 761,444 18,952,332
TOTAL U.S. EQUITY FUNDS(Cost $303,103,280) 385,663,923
Non – U.S. Equity Funds – 29.9%
Fidelity Canada Fund 229,378 11,241,823Fidelity Diversified International Fund 1,552,802 55,015,780Fidelity Emerging Markets Fund 1,764,022 43,483,142Fidelity Overseas Fund 1,304,930 54,989,758
TOTAL NON – U.S. EQUITY FUNDS(Cost $141,610,893) 164,730,503
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $444,714,173) 550,394,426
NET OTHER ASSETS (LIABILITIES) – 0.0% (89,782)
NET ASSETS – 100% $550,304,644
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
Investments September 30, 2016Showing Percentage of Net Assets
87 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$444,714,173) $ 550,394,426Receivable for investments sold 1,709,518Receivable for units sold 281,267
Total assets 552,385,211
LiabilitiesPayable for investments purchased $ 1,533,334Accrued management and administra-
tion fees 89,783Payable for units redeemed 457,450
Total liabilities 2,080,567Net Assets $ 550,304,644
Net Asset Value, offering price and redemption price per unit ($550,304,644 / 28,134,187 units) $ 19.56
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying
funds $ 5,826,827ExpensesManagement and administration fees $ 1,092,301
Total expenses 1,092,301
Net investment income (loss) 4,734,526Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of under-
lying funds’ shares 15,273,041Capital gain distributions from underly-
ing funds 14,961,634 30,234,675Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 28,265,842
Net gain (loss) 58,500,517Net increase (decrease) in net assets
resulting from operations $ 63,235,043
88Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Aggressive Growth Portfolio (Fidelity Funds)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 4,734,526 $ 5,634,786Net realized gain (loss) 30,234,675 39,898,812Change in net unrealized appreciation (depreciation) 28,265,842 (57,102,722)Net increase (decrease) in net assets resulting from operations 63,235,043 (11,569,124)
Unit transactionsProceeds from sales of units 51,284,087 64,966,655Cost of units redeemed (99,141,153) (90,482,229)Net increase (decrease) in net assets resulting from unit transactions (47,857,066) (25,515,574)Total increase (decrease) in net assets 15,377,977 (37,084,698)
Net AssetsBeginning of period 534,926,667 572,011,365End of period $ 550,304,644 $ 534,926,667
Other InformationUnit transactions
Sold 2,815,579 3,494,200Redeemed (5,367,252) (4,862,236)Net increase (decrease) (2,551,673) (1,368,036)
Financial Highlights UNIQUE Aggressive Growth Portfolio (Fidelity Funds)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 17.43 $ 17.85 $ 15.89 $ 13.21 $ 10.45Income from Investment Operations
Net investment income (loss) A .16 .18 .14 .16 .14Net realized and unrealized gain (loss) 1.97 (.60) 1.82 2.52 2.62
Total increase (decrease) from investment operations 2.13 (.42) 1.96 2.68 2.76Net asset value, end of period $ 19.56 $ 17.43 $ 17.85 $ 15.89 $ 13.21
Total Return 12.22% (2.35)% 12.33% 20.29% 26.41%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 550,305 $ 534,927 $ 572,011 $ 524,947 $ 449,216Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets .87% .96% .78% 1.12% 1.16%Portfolio Turnover Rate 12% 11% 11% 17% 39%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
89 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Money Market Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities, at value
(159,270,977,shares of Fidelity Government Cash Reserves Fund; cost $159,270,977) $ 159,270,977
Receivable for units sold 381,750Distributions receivable 15,610Receivable from Manager 12,460
Total assets 159,680,797
LiabilitiesPayable for investments purchased $ 159,775Accrued management and administration
fees 25,776Payable for units redeemed 237,584
Total liabilities 423,135Net Assets $ 159,257,662
Net Asset Value, offering price and redemption price per unit ($159,257,662 / 14,660,661 units) $ 10.86
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 84,745ExpensesManagement and administration fees $ 296,423
Expense reductions (231,848) 64,575
Net investment income (loss) 20,170Realized and Unrealized Gain (Loss) on
InvestmentsNet increase (decrease) in net assets resulting
from operations $ 20,170
90Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Money Market PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 20,170 $ 14,283
Unit transactionsProceeds from sales of units 79,936,172 64,968,227Cost of units redeemed (56,323,958) (55,057,126)Net increase (decrease) in net assets resulting from unit transactions 23,612,214 9,911,101Total increase (decrease) in net assets 23,632,384 9,925,384
Net AssetsBeginning of period 135,625,278 125,699,894End of period $ 159,257,662 $ 135,625,278
Other InformationUnit transactions
Sold 7,360,604 5,982,340Redeemed (5,186,368) (5,069,717)Net increase (decrease) 2,174,236 912,623
Financial Highlights UNIQUE Money Market Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 10.86 $ 10.86 $ 10.86 $ 10.86 $ 10.86Income from Investment Operations
Net investment income (loss) A,B – – – – –Net realized and unrealized gain (loss) – – – – –
Distributions:/Distributions Net asset value, end of period $ 10.86 $ 10.86 $ 10.86 $ 10.86 $ 10.86
Total Return –% –% —% —% —%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 159,258 $ 135,625 $ 125,700 $ 127,594 $ 127,850Ratio of expenses to average net assets before reductions .20% .20% .20% .20% .20%Ratio of expenses to average net assets after reductions .04% –%D –%D —%D .01%Ratio of net investment income (loss) to average net assets .01% .01% .01% .01% .01%
A Calculated based on average units outstanding during the period.B Amount represents less than $.01 per unit.C Amounts do not include the activity of any underlying fund.D Amount represents less than .01%.
91 Annual Report
UNIQUE College Portfolio (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 50.0Fidelity Investments Money Market Government Portfolio Institutional Class 30.0Fidelity Total Market Index Fund Institutional Premium Class 13.0Fidelity International Index Fund Institutional Premium Class 6.0Fidelity Series Commodity Strategy Fund 1.0
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 13.0%
Commodity Funds 1.0%
Non – U.S. Equity Funds 6.0%
Bond Funds 50.0%
Short-Term Funds 30.0%
Net Other Assets (Liabilities) 0.0%
92Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 13.0%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $7,439,738) 144,329 $ 9,114,401
Commodity Funds – 1.0%
Fidelity Series Commodity Strategy Fund(Cost $1,003,344) 140,982 745,793
Non – U.S. Equity Funds – 6.0%
Fidelity International Index Fund Institutional Premium Class(Cost $4,300,486) 114,990 4,236,239
Bond Funds – 50.0%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $34,233,818) 2,941,572 35,122,368
Short-Term Funds – 30.0%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $21,071,725) 21,071,725 21,071,725
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $68,049,111) 70,290,526
NET OTHER ASSETS (LIABILITIES) – 0.0% (5,583)
NET ASSETS – 100% $70,284,943
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE College Portfolio (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
93 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$68,049,111) $ 70,290,526Receivable for investments sold 41,917Receivable for units sold 5,894Distributions receivable 71,566
Total assets 70,409,903
LiabilitiesPayable for investments purchased $ 107,402Accrued management and administration
fees 5,191Payable for units redeemed 12,367
Total liabilities 124,960Net Assets $ 70,284,943
Net Asset Value, offering price and re-demption price per unit ($70,284,943 / 4,894,877 units) $ 14.36
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 1,236,085ExpensesManagement and administration fees $ 66,235
Total expenses 66,235
Net investment income (loss) 1,169,850Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares 474,339Capital gain distributions from underlying
funds 130,853 605,192Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 1,716,543Net gain (loss) 2,321,735Net increase (decrease) in net assets resulting
from operations $ 3,491,585
94Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 1,169,850 $ 1,231,774Net realized gain (loss) 605,192 632,167Change in net unrealized appreciation (depreciation) 1,716,543 (1,587,523)Net increase (decrease) in net assets resulting from operations 3,491,585 276,418
Unit transactionsProceeds from sales of units 18,551,824 20,274,532Cost of units redeemed (30,112,786) (38,123,496)Net increase (decrease) in net assets resulting from unit transactions (11,560,962) (17,848,964)Total increase (decrease) in net assets (8,069,377) (17,572,546)
Net AssetsBeginning of period 78,354,320 95,926,866End of period $ 70,284,943 $ 78,354,320
Other InformationUnit transactions
Sold 1,325,465 1,463,422Redeemed (2,154,546) (2,755,366)Net increase (decrease) (829,081) (1,291,944)
Financial Highlights UNIQUE College Portfolio (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 13.69 $ 13.67 $ 13.19 $ 12.86 $ 12.06Income from Investment Operations
Net investment income (loss) A .22 .19 .18 .15 .16Net realized and unrealized gain (loss) .45 (.17) .30 .18 .64
Total increase (decrease) from investment operations .67 .02 .48 .33 .80Net asset value, end of period $ 14.36 $ 13.69 $ 13.67 $ 13.19 $ 12.86
Total Return 4.89% .15% 3.64% 2.57% 6.63%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 70,285 $ 78,354 $ 95,927 $ 35,851 $ 40,608Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.59% 1.39% 1.33% 1.15% 1.31%Portfolio Turnover Rate 43% 20% 29% 20% 72%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
95 Annual Report
UNIQUE Portfolio 2015 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 50.0Fidelity Investments Money Market Government Portfolio Institutional Class 30.0Fidelity Total Market Index Fund Institutional Premium Class 13.0Fidelity International Index Fund Institutional Premium Class 6.0Fidelity Series Commodity Strategy Fund 1.0
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 13.0%
Commodity Funds 1.0%
Non – U.S. Equity Funds 6.0%
Bond Funds 50.0%
Short-Term Funds 30.0%
Net Other Assets (Liabilities) 0.0%
96Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 13.0%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $14,583,572) 321,099 $ 20,277,433
Commodity Funds – 1.0%
Fidelity Series Commodity Strategy Fund(Cost $2,237,295) 309,672 1,638,162
Non – U.S. Equity Funds – 6.0%
Fidelity International Index Fund Institutional Premium Class(Cost $8,908,499) 255,838 9,425,088
Bond Funds – 50.0%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $77,032,780) 6,543,083 78,124,411
Short-Term Funds – 30.0%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $46,908,757) 46,908,757 46,908,757
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $149,670,903) 156,373,851
NET OTHER ASSETS (LIABILITIES) – 0.0% (12,337)
NET ASSETS – 100% $156,361,514
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Portfolio 2015 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
97 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$149,670,903) $ 156,373,851Receivable for investments sold 140,084Receivable for units sold 167,686Distributions receivable 158,526
Total assets 156,840,147
LiabilitiesPayable for investments purchased $ 276,350Accrued management and administration
fees 11,503Payable for units redeemed 190,780
Total liabilities 478,633Net Assets $ 156,361,514
Net Asset Value, offering price and redemption price per unit ($156,361,514 / 10,826,489 units) $ 14.44
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 2,715,509ExpensesManagement and administration fees $ 146,192
Total expenses 146,192
Net investment income (loss) 2,569,317Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 1,809,002Capital gain distributions from underlying
funds 280,931 2,089,933Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 3,163,708Net gain (loss) 5,253,641Net increase (decrease) in net assets result-
ing from operations $ 7,822,958
98Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 2,569,317 $ 2,381,923Net realized gain (loss) 2,089,933 2,192,848Change in net unrealized appreciation (depreciation) 3,163,708 (4,285,311)Net increase (decrease) in net assets resulting from operations 7,822,958 289,460
Unit transactionsProceeds from sales of units 32,786,837 34,565,182Cost of units redeemed (47,220,572) (32,532,982)Net increase (decrease) in net assets resulting from unit transactions (14,433,735) 2,032,200Total increase (decrease) in net assets (6,610,777) 2,321,660
Net AssetsBeginning of period 162,972,291 160,650,631End of period $ 156,361,514 $ 162,972,291
Other InformationUnit transactions
Sold 2,325,936 2,479,759Redeemed (3,337,105) (2,336,736)Net increase (decrease) (1,011,169) 143,023
Financial Highlights UNIQUE Portfolio 2015 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 13.77 $ 13.74 $ 13.14 $ 12.58 $ 11.36Income from Investment Operations
Net investment income (loss) A .22 .20 .19 .17 .19Net realized and unrealized gain (loss) .45 (.17) .41 .39 1.03
Total increase (decrease) from investment operations .67 .03 .60 .56 1.22Net asset value, end of period $ 14.44 $ 13.77 $ 13.74 $ 13.14 $ 12.58
Total Return 4.87% .22% 4.57% 4.45% 10.74%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 156,362 $ 162,972 $ 160,651 $ 141,235 $ 112,233Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.58% 1.42% 1.37% 1.34% 1.58%Portfolio Turnover Rate 42% 24% 13% 17% 61%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
99 Annual Report
UNIQUE Portfolio 2018 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 50.1Fidelity Investments Money Market Government Portfolio Institutional Class 22.1Fidelity Total Market Index Fund Institutional Premium Class 18.4Fidelity International Index Fund Institutional Premium Class 8.3Fidelity Series Commodity Strategy Fund 1.1
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 18.4%
Commodity Funds 1.1%
Non – U.S. Equity Funds 8.3%
Bond Funds 50.1%
Short-Term Funds 22.1%
Net Other Assets (Liabilities) 0.0%
100Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 18.4%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $37,665,816) 789,854 $ 49,879,256
Commodity Funds – 1.1%
Fidelity Series Commodity Strategy Fund(Cost $3,772,914) 547,055 2,893,922
Non – U.S. Equity Funds – 8.3%
Fidelity International Index Fund Institutional Premium Class(Cost $21,695,352) 611,466 22,526,390
Bond Funds – 50.1%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $133,587,883) 11,374,858 135,815,804
Short-Term Funds – 22.1%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $60,072,912) 60,072,912 60,072,912
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $256,794,877) 271,188,284
NET OTHER ASSETS (LIABILITIES) – 0.0% (21,169)
NET ASSETS – 100% $271,167,115
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Portfolio 2018 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
101 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$256,794,877) $ 271,188,284Receivable for investments sold 1,039,242Receivable for units sold 171,988Distributions receivable 268,405
Total assets 272,667,919
LiabilitiesPayable for investments purchased $ 1,420,965Accrued management and administra-
tion fees 19,795Payable for units redeemed 60,044
Total liabilities 1,500,804Net Assets $ 271,167,115
Net Asset Value, offering price and redemption price per unit ($271,167,115 / 18,093,692 units) $ 14.99
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 4,485,341ExpensesManagement and administration fees $ 219,051
Total expenses 219,051
Net investment income (loss) 4,266,290Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 3,211,120Capital gain distributions from underlying
funds 515,356 3,726,476Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 6,588,102
Net gain (loss) 10,314,578Net increase (decrease) in net assets
resulting from operations $ 14,580,868
102Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 4,266,290 $ 3,385,883Net realized gain (loss) 3,726,476 2,497,063Change in net unrealized appreciation (depreciation) 6,588,102 (6,754,303)Net increase (decrease) in net assets resulting from operations 14,580,868 (871,357)
Unit transactionsProceeds from sales of units 56,180,284 48,062,662Cost of units redeemed (17,716,116) (16,481,160)Net increase (decrease) in net assets resulting from unit transactions 38,464,168 31,581,502Total increase (decrease) in net assets 53,045,036 30,710,145
Net AssetsBeginning of period 218,122,079 187,411,934End of period $ 271,167,115 $ 218,122,079
Other InformationUnit transactions
Sold 3,860,675 3,337,414Redeemed (1,215,914) (1,144,323)Net increase (decrease) 2,644,761 2,193,091
Financial Highlights UNIQUE Portfolio 2018 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.12 $ 14.14 $ 13.29 $ 12.36 $ 10.83Income from Investment Operations
Net investment income (loss) A .25 .23 .23 .20 .21Net realized and unrealized gain (loss) .62 (.25) .62 .73 1.32
Total increase (decrease) from investment operations .87 (.02) .85 .93 1.53Net asset value, end of period $ 14.99 $ 14.12 $ 14.14 $ 13.29 $ 12.36
Total Return 6.16% (.14)% 6.40% 7.52% 14.13%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 271,167 $ 218,122 $ 187,412 $ 145,968 $ 109,622Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.75% 1.62% 1.62% 1.57% 1.77%Portfolio Turnover Rate 29% 14% 11% 19% 57%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
103 Annual Report
UNIQUE Portfolio 2021 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 44.6Fidelity Total Market Index Fund Institutional Premium Class 27.5Fidelity Investments Money Market Government Portfolio Institutional Class 14.6Fidelity International Index Fund Institutional Premium Class 12.2Fidelity Series Commodity Strategy Fund 1.1
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 27.5%
Commodity Funds 1.1%
Non – U.S. Equity Funds 12.2%
Bond Funds 44.6%
Short-Term Funds 14.6%
Net Other Assets (Liabilities) 0.0%
104Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 27.5%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $60,677,290) 1,263,096 $ 79,764,500
Commodity Funds – 1.1%
Fidelity Series Commodity Strategy Fund(Cost $4,139,332) 599,225 3,169,902
Non – U.S. Equity Funds – 12.2%
Fidelity International Index Fund Institutional Premium Class(Cost $34,172,854) 958,895 35,325,697
Bond Funds – 44.6%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $126,922,204) 10,811,028 129,083,675
Short-Term Funds – 14.6%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $42,282,637) 42,282,637 42,282,637
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $268,194,317) 289,626,411
NET OTHER ASSETS (LIABILITIES) – 0.0% (22,430)
NET ASSETS – 100% $289,603,981
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Portfolio 2021 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
105 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$268,194,317) $ 289,626,411Receivable for investments sold 1,106,713Receivable for units sold 213,326Distributions receivable 250,043
Total assets 291,196,493
LiabilitiesPayable for investments purchased $ 1,565,386Accrued management and administra-
tion fees 21,103Payable for units redeemed 6,023
Total liabilities 1,592,512Net Assets $ 289,603,981
Net Asset Value, offering price and redemption price per unit ($289,603,981 / 18,878,623 units) $ 15.34
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 4,919,646ExpensesManagement and administration fees $ 230,004
Total expenses 230,004
Net investment income (loss) 4,689,642Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 3,593,396Capital gain distributions from underlying
funds 666,611 4,260,007Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 9,512,054
Net gain (loss) 13,772,061Net increase (decrease) in net assets
resulting from operations $ 18,461,703
106Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 4,689,642 $ 3,777,311Net realized gain (loss) 4,260,007 3,219,470Change in net unrealized appreciation (depreciation) 9,512,054 (9,063,996)Net increase (decrease) in net assets resulting from operations 18,461,703 (2,067,215)
Unit transactionsProceeds from sales of units 57,347,103 48,682,952Cost of units redeemed (13,545,148) (13,080,848)Net increase (decrease) in net assets resulting from unit transactions 43,801,955 35,602,104Total increase (decrease) in net assets 62,263,658 33,534,889
Net AssetsBeginning of period 227,340,323 193,805,434End of period $ 289,603,981 $ 227,340,323
Other InformationUnit transactions
Sold 3,871,304 3,317,095Redeemed (912,843) (890,365)Net increase (decrease) 2,958,461 2,426,730
Financial Highlights UNIQUE Portfolio 2021 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.28 $ 14.36 $ 13.29 $ 12.02 $ 10.24Income from Investment Operations
Net investment income (loss) A .27 .25 .25 .21 .21Net realized and unrealized gain (loss) .79 (.33) .82 1.06 1.57
Total increase (decrease) from investment operations 1.06 (.08) 1.07 1.27 1.78Net asset value, end of period $ 15.34 $ 14.28 $ 14.36 $ 13.29 $ 12.02
Total Return 7.42% (.56)% 8.05% 10.57% 17.38%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 289,604 $ 227,340 $ 193,805 $ 143,416 $ 102,126Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.83% 1.73% 1.75% 1.68% 1.87%Portfolio Turnover Rate 24% 11% 10% 19% 50%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
107 Annual Report
UNIQUE Portfolio 2024 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 38.4Fidelity Total Market Index Fund Institutional Premium Class 36.1Fidelity International Index Fund Institutional Premium Class 15.9Fidelity Investments Money Market Government Portfolio Institutional Class 8.4Fidelity Series Commodity Strategy Fund 1.2
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 36.1%
Commodity Funds 1.2%
Non – U.S. Equity Funds 15.9%
Bond Funds 38.4%
Short-Term Funds 8.4%
Net Other Assets (Liabilities) 0.0%
108Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 36.1%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $79,839,564) 1,709,213 $ 107,936,799
Commodity Funds – 1.2%
Fidelity Series Commodity Strategy Fund(Cost $4,632,762) 662,750 3,505,948
Non – U.S. Equity Funds – 15.9%
Fidelity International Index Fund Institutional Premium Class(Cost $45,824,144) 1,288,223 47,458,128
Bond Funds – 38.4%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $112,772,696) 9,607,494 114,713,480
Short-Term Funds – 8.4%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $25,237,296) 25,237,296 25,237,296
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $268,306,462) 298,851,651
NET OTHER ASSETS (LIABILITIES) – 0.0% (22,991)
NET ASSETS – 100% $298,828,660
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Portfolio 2024 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
109 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$268,306,462) $ 298,851,651Receivable for investments sold 1,035,289Receivable for units sold 533,527Distributions receivable 219,457
Total assets 300,639,924
LiabilitiesPayable for investments purchased $ 1,491,902Accrued management and administra-
tion fees 21,816Payable for units redeemed 297,546
Total liabilities 1,811,264Net Assets $ 298,828,660
Net Asset Value, offering price and redemption price per unit ($298,828,660 / 18,943,538 units) $ 15.77
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 5,326,107ExpensesManagement and administration fees $ 238,582
Total expenses 238,582
Net investment income (loss) 5,087,525Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 3,971,840Capital gain distributions from underlying
funds 820,596 4,792,436Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 12,205,022
Net gain (loss) 16,997,458Net increase (decrease) in net assets
resulting from operations $ 22,084,983
110Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 5,087,525 $ 4,132,229Net realized gain (loss) 4,792,436 4,526,043Change in net unrealized appreciation (depreciation) 12,205,022 (12,078,479)Net increase (decrease) in net assets resulting from operations 22,084,983 (3,420,207)
Unit transactionsProceeds from sales of units 52,970,418 44,307,168Cost of units redeemed (9,868,013) (11,894,779)Net increase (decrease) in net assets resulting from unit transactions 43,102,405 32,412,389Total increase (decrease) in net assets 65,187,388 28,992,182
Net AssetsBeginning of period 233,641,272 204,649,090End of period $ 298,828,660 $ 233,641,272
Other InformationUnit transactions
Sold 3,506,417 2,940,839Redeemed (649,421) (790,533)Net increase (decrease) 2,856,996 2,150,306
Financial Highlights UNIQUE Portfolio 2024 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.52 $ 14.68 $ 13.40 $ 11.78 $ 9.80Income from Investment Operations
Net investment income (loss) A .29 .27 .26 .22 .21Net realized and unrealized gain (loss) .96 (.43) 1.02 1.40 1.77
Total increase (decrease) from investment operations 1.25 (.16) 1.28 1.62 1.98Net asset value, end of period $ 15.77 $ 14.52 $ 14.68 $ 13.40 $ 11.78
Total Return 8.61% (1.09)% 9.55% 13.75% 20.20%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 298,829 $ 233,641 $ 204,649 $ 156,027 $ 110,597Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.92% 1.82% 1.82% 1.75% 1.92%Portfolio Turnover Rate 18% 13% 9% 18% 40%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
111 Annual Report
UNIQUE Portfolio 2027 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Total Market Index Fund Institutional Premium Class 44.6Fidelity U.S. Bond Index Fund Institutional Premium Class 32.7Fidelity International Index Fund Institutional Premium Class 19.6Fidelity Investments Money Market Government Portfolio Institutional Class 1.8Fidelity Series Commodity Strategy Fund 1.3
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 44.6%
Commodity Funds 1.3%
Non – U.S. Equity Funds 19.6%
Bond Funds 32.7%
Short-Term Funds 1.8%
Net Other Assets (Liabilities) 0.0%
112Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 44.6%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $87,384,691) 1,829,744 $ 115,548,323
Commodity Funds – 1.3%
Fidelity Series Commodity Strategy Fund(Cost $4,290,897) 625,826 3,310,620
Non – U.S. Equity Funds – 19.6%
Fidelity International Index Fund Institutional Premium Class(Cost $49,301,628) 1,375,133 50,659,885
Bond Funds – 32.7%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $83,346,539) 7,102,968 84,809,439
Short-Term Funds – 1.8%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $4,773,043) 4,773,043 4,773,043
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $229,096,798) 259,101,310
NET OTHER ASSETS (LIABILITIES) – 0.0% (19,688)
NET ASSETS – 100% $259,081,622
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Portfolio 2027 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
113 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$229,096,798) $ 259,101,310Receivable for investments sold 973,200Receivable for units sold 207,130Distributions receivable 158,006
Total assets 260,439,646
LiabilitiesPayable for investments purchased $ 1,290,272Accrued management and administra-
tion fees 18,847Payable for units redeemed 48,905
Total liabilities 1,358,024Net Assets $ 259,081,622
Net Asset Value, offering price and redemption price per unit ($259,081,622 / 17,661,368 units) $ 14.67
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 4,799,840ExpensesManagement and administration fees $ 205,471
Total expenses 205,471
Net investment income (loss) 4,594,369Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 3,152,618Capital gain distributions from underlying
funds 819,374 3,971,992Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 12,933,976
Net gain (loss) 16,905,968Net increase (decrease) in net assets
resulting from operations $ 21,500,337
114Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 4,594,369 $ 3,536,448Net realized gain (loss) 3,971,992 3,636,469Change in net unrealized appreciation (depreciation) 12,933,976 (11,658,644)Net increase (decrease) in net assets resulting from operations 21,500,337 (4,485,727)
Unit transactionsProceeds from sales of units 47,191,497 42,981,999Cost of units redeemed (8,521,569) (7,839,560)Net increase (decrease) in net assets resulting from unit transactions 38,669,928 35,142,439Total increase (decrease) in net assets 60,170,265 30,656,712
Net AssetsBeginning of period 198,911,357 168,254,645End of period $ 259,081,622 $ 198,911,357
Other InformationUnit transactions
Sold 3,380,859 3,073,799Redeemed (607,488) (562,601)Net increase (decrease) 2,773,371 2,511,198
Financial Highlights UNIQUE Portfolio 2027 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 13.36 $ 13.59 $ 12.27 $ 10.55 $ 8.64Income from Investment Operations
Net investment income (loss) A .28 .26 .24 .19 .18Net realized and unrealized gain (loss) 1.03 (.49) 1.08 1.53 1.73
Total increase (decrease) from investment operations 1.31 (.23) 1.32 1.72 1.91Net asset value, end of period $ 14.67 $ 13.36 $ 13.59 $ 12.27 $ 10.55
Total Return 9.81% (1.69)% 10.76% 16.30% 22.11%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 259,082 $ 198,911 $ 168,255 $ 121,358 $ 77,034Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 2.01% 1.84% 1.79% 1.68% 1.79%Portfolio Turnover Rate 12% 12% 8% 15% 27%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
115 Annual Report
UNIQUE Portfolio 2030 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Total Market Index Fund Institutional Premium Class 53.1Fidelity International Index Fund Institutional Premium Class 23.2Fidelity U.S. Bond Index Fund Institutional Premium Class 22.4Fidelity Series Commodity Strategy Fund 1.3
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 53.1%
Commodity Funds 1.3%
Non – U.S. Equity Funds 23.2%
Bond Funds 22.4%
Net Other Assets (Liabilities) 0.0%
116Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 53.1%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $75,195,550) 1,411,067 $ 89,108,886
Commodity Funds – 1.3%
Fidelity Series Commodity Strategy Fund(Cost $2,733,462) 422,271 2,233,814
Non – U.S. Equity Funds – 23.2%
Fidelity International Index Fund Institutional Premium Class(Cost $39,183,439) 1,058,593 38,998,569
Bond Funds – 22.4%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $36,815,039) 3,141,100 37,504,739
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $153,927,490) 167,846,008
NET OTHER ASSETS (LIABILITIES) – 0.0% (12,564)
NET ASSETS – 100% $167,833,444
UNIQUE Portfolio 2030 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
117 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$153,927,490) $ 167,846,008Receivable for investments sold 624,773Receivable for units sold 135,113Distributions receivable 68,654
Total assets 168,674,548
LiabilitiesPayable for investments purchased $ 816,343Accrued management and administration
fees 12,194Payable for units redeemed 12,567
Total liabilities 841,104Net Assets $ 167,833,444
Net Asset Value, offering price and redemption price per unit ($167,833,444 / 10,613,857 units) $ 15.81
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 2,911,856ExpensesManagement and administration fees $ 128,259
Total expenses 128,259
Net investment income (loss) 2,783,597Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 880,586Capital gain distributions from underlying
funds 558,165 1,438,751Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 10,439,090Net gain (loss) 11,877,841Net increase (decrease) in net assets result-
ing from operations $ 14,661,438
118Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 2,783,597 $ 1,839,828Net realized gain (loss) 1,438,751 608,131Change in net unrealized appreciation (depreciation) 10,439,090 (6,355,136)Net increase (decrease) in net assets resulting from operations 14,661,438 (3,907,177)
Unit transactionsProceeds from sales of units 42,192,621 39,002,911Cost of units redeemed (6,541,032) (4,732,869)Net increase (decrease) in net assets resulting from unit transactions 35,651,589 34,270,042Total increase (decrease) in net assets 50,313,027 30,362,865
Net AssetsBeginning of period 117,520,417 87,157,552End of period $ 167,833,444 $ 117,520,417
Other InformationUnit transactions
Sold 2,820,184 2,589,428Redeemed (433,102) (313,158)Net increase (decrease) 2,387,082 2,276,270
Financial Highlights UNIQUE Portfolio 2030 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.29 $ 14.65 $ 13.14 $ 11.17 $ 9.12Income from Investment Operations
Net investment income (loss) A .29 .26 .23 .17 .13Net realized and unrealized gain (loss) 1.23 (.62) 1.28 1.80 1.92
Total increase (decrease) from investment operations 1.52 (.36) 1.51 1.97 2.05Net asset value, end of period $ 15.81 $ 14.29 $ 14.65 $ 13.14 $ 11.17
Total Return 10.64% (2.46)% 11.49% 17.64% 22.48%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 167,833 $ 117,520 $ 87,158 $ 45,355 $ 14,457Ratio of expenses to average net assets .09% .09% .09% .13% .15%Ratio of net investment income (loss) to average net assets 1.95% 1.69% 1.61% 1.35% 1.23%Portfolio Turnover Rate 10% 8% 5% 13% 17%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
119 Annual Report
UNIQUE Portfolio 2033 (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Total Market Index Fund Institutional Premium Class 61.5Fidelity International Index Fund Institutional Premium Class 27.0Fidelity U.S. Bond Index Fund Institutional Premium Class 10.1Fidelity Series Commodity Strategy Fund 1.4
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 61.5%
Commodity Funds 1.4%
Non – U.S. Equity Funds 27.0%
Bond Funds 10.1%
Net Other Assets (Liabilities) 0.0%
120Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 61.5%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $37,066,664) 624,298 $ 39,424,407
Commodity Funds – 1.4%
Fidelity Series Commodity Strategy Fund(Cost $970,168) 173,427 917,430
Non – U.S. Equity Funds – 27.0%
Fidelity International Index Fund Institutional Premium Class(Cost $17,271,392) 468,496 17,259,397
Bond Funds – 10.1%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $6,369,746) 541,403 6,464,347
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $61,677,970) 64,065,581
NET OTHER ASSETS (LIABILITIES) – 0.0% (4,629)
NET ASSETS – 100% $64,060,952
UNIQUE Portfolio 2033 (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
121 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$61,677,970) $ 64,065,581Receivable for investments sold 205,764Receivable for units sold 85,057Distributions receivable 11,428
Total assets 64,367,830
LiabilitiesPayable for investments purchased $ 302,305Accrued management and administration
fees 4,573Total liabilities 306,878
Net Assets $ 64,060,952
Net Asset Value, offering price and re-demption price per unit ($64,060,952 / 5,593,827 units) $ 11.45
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 751,865ExpensesManagement and administration fees $ 39,501
Total expenses 39,501
Net investment income (loss) 712,364Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares 598Capital gain distributions from underlying
funds 165,110 165,708Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 4,120,986Net gain (loss) 4,286,694Net increase (decrease) in net assets resulting
from operations $ 4,999,058
122Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 712,364 $ 167,375Net realized gain (loss) 165,708 (4,336)Change in net unrealized appreciation (depreciation) 4,120,986 (1,715,165)Net increase (decrease) in net assets resulting from operations 4,999,058 (1,552,126)
Unit transactionsProceeds from sales of units 35,779,494 23,261,020Cost of units redeemed (2,636,386) (935,586)Net increase (decrease) in net assets resulting from unit transactions 33,143,108 22,325,434Total increase (decrease) in net assets 38,142,166 20,773,308
Net AssetsBeginning of period 25,918,786 5,145,478End of period $ 64,060,952 $ 25,918,786
Other InformationUnit transactions
Sold 3,313,948 2,124,361Redeemed (243,895) (85,141)Net increase (decrease) 3,070,053 2,039,220
Financial Highlights UNIQUE Portfolio 2033 (Fidelity Index)
Periods ended September 30, 2016 2015 2014 A
Selected Per Unit Data Net asset value, beginning of period $ 10.27 $ 10.62 $ 10.00Income from Investment Operations
Net investment income (loss) B .18 .11 .03Net realized and unrealized gain (loss) 1.00 (.46) .59
Total increase (decrease) from investment operations 1.18 (.35) .62Net asset value, end of period $ 11.45 $ 10.27 $ 10.62
Total Return 11.49% (3.30)% 6.20%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 64,061 $ 25,919 $ 5,145Ratio of expenses to average net assets .09% .09% .09%D
Ratio of net investment income (loss) to average net assets 1.62% 1.03% .38%D
Portfolio Turnover Rate 6% 8% 10%D
A For the period December 18, 2013 to September 30, 2014.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.D Annualized
123 Annual Report
UNIQUE Conservative Portfolio (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Investments Money Market Government Portfolio Institutional Class 55.0Fidelity U.S. Bond Index Fund Institutional Premium Class 45.0
100.0
Asset Allocation (% of Portfolio’s net assets)
Bond Funds 45.0%
Short-Term Funds 55.0%
Net Other Assets (Liabilities) 0.0%
124Annual Report
See accompanying notes which are an integral part of the financial statements.
Bond Funds – 45.0%Shares Value
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $29,077,399) 2,469,753 $ 29,488,853
Short-Term Funds – 55.0%
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a)(Cost $36,041,931) 36,041,931 36,041,931
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $65,119,330) 65,530,784
NET OTHER ASSETS (LIABILITIES) – 0.0% (5,144)
NET ASSETS – 100% $65,525,640
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
UNIQUE Conservative Portfolio (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
125 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Conservative Portfolio (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$65,119,330) $ 65,530,784Receivable for units sold 70,716Distributions receivable 64,498
Total assets 65,665,998
LiabilitiesPayable for investments purchased $ 130,810Accrued management and administration
fees 4,823Payable for units redeemed 4,725
Total liabilities 140,358Net Assets $ 65,525,640
Net Asset Value, offering price and re-demption price per unit ($65,525,640 / 4,928,717 units) $ 13.29
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 720,234ExpensesManagement and administration fees $ 53,073
Total expenses 53,073
Net investment income (loss) 667,161Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares (1,499)Capital gain distributions from underlying funds 39,866 38,367Change in net unrealized appreciation (depre-
ciation) on underlying funds’ shares 672,262Net gain (loss) 710,629Net increase (decrease) in net assets resulting
from operations $ 1,377,790
126Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Conservative Portfolio (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 667,161 $ 544,450Net realized gain (loss) 38,367 (8,420)Change in net unrealized appreciation (depreciation) 672,262 76,999Net increase (decrease) in net assets resulting from operations 1,377,790 613,029
Unit transactionsProceeds from sales of units 26,364,794 18,575,426Cost of units redeemed (16,519,604) (14,265,930)Net increase (decrease) in net assets resulting from unit transactions 9,845,190 4,309,496Total increase (decrease) in net assets 11,222,980 4,922,525
Net AssetsBeginning of period 54,302,660 49,380,135End of period $ 65,525,640 $ 54,302,660
Other InformationUnit transactions
Sold 2,007,342 1,433,145Redeemed (1,258,980) (1,101,491)Net increase (decrease) 748,362 331,654
Financial Highlights UNIQUE Conservative Portfolio (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 12.99 $ 12.83 $ 12.63 $ 12.75 $ 12.51Income from Investment Operations
Net investment income (loss) A .15 .13 .13 .11 .13Net realized and unrealized gain (loss) .15 .03 .07 (.23) .11
Total increase (decrease) from investment operations .30 .16 .20 (.12) .24Net asset value, end of period $ 13.29 $ 12.99 $ 12.83 $ 12.63 $ 12.75
Total Return 2.31% 1.25% 1.58% (.94)% 1.92%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 65,526 $ 54,303 $ 49,380 $ 48,960 $ 52,696Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.13% 1.04% 1.03% .88% 1.02%Portfolio Turnover Rate 64% 13% 17% 15% 56%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
127 Annual Report
UNIQUE Moderate Growth Portfolio (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Total Market Index Fund Institutional Premium Class 47.8Fidelity U.S. Bond Index Fund Institutional Premium Class 29.9Fidelity International Index Fund Institutional Premium Class 21.0Fidelity Series Commodity Strategy Fund 1.3
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 47.8%
Commodity Funds 1.3%
Non – U.S. Equity Funds 21.0%
Bond Funds 29.9%
Net Other Assets (Liabilities) 0.0%
128Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 47.8%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $49,458,897) 1,053,051 $ 66,500,162
Commodity Funds – 1.3%
Fidelity Series Commodity Strategy Fund(Cost $2,422,529) 347,887 1,840,320
Non – U.S. Equity Funds – 21.0%
Fidelity International Index Fund Institutional Premium Class(Cost $28,388,727) 791,361 29,153,727
Bond Funds – 29.9%
Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $40,886,538) 3,489,449 41,664,016
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $121,156,691) 139,158,225
NET OTHER ASSETS (LIABILITIES) – 0.0% (10,633)
NET ASSETS – 100% $139,147,592
UNIQUE Moderate Growth Portfolio (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
129 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Moderate Growth Portfolio (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$121,156,691) $ 139,158,225Receivable for investments sold 380,552Receivable for units sold 48,502Distributions receivable 77,983
Total assets 139,665,262
LiabilitiesPayable for investments purchased $ 497,036Accrued management and administration
fees 10,186Payable for units redeemed 10,448
Total liabilities 517,670Net Assets $ 139,147,592
Net Asset Value, offering price and redemption price per unit ($139,147,592 / 8,162,632 units) $ 17.05
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 2,764,620ExpensesManagement and administration fees $ 117,089
Total expenses 117,089
Net investment income (loss) 2,647,531Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 2,114,068Capital gain distributions from underlying
funds 486,453 2,600,521Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 7,315,531
Net gain (loss) 9,916,052Net increase (decrease) in net assets
resulting from operations $ 12,563,583
130Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Moderate Growth Portfolio (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 2,647,531 $ 2,237,935Net realized gain (loss) 2,600,521 1,659,124Change in net unrealized appreciation (depreciation) 7,315,531 (6,480,055)Net increase (decrease) in net assets resulting from operations 12,563,583 (2,582,996)
Unit transactionsProceeds from sales of units 30,991,260 32,044,045Cost of units redeemed (24,457,289) (23,325,499)Net increase (decrease) in net assets resulting from unit transactions 6,533,971 8,718,546Total increase (decrease) in net assets 19,097,554 6,135,550
Net AssetsBeginning of period 120,050,038 113,914,488End of period $ 139,147,592 $ 120,050,038
Other InformationUnit transactions
Sold 1,916,862 1,974,964Redeemed (1,501,303) (1,440,663)Net increase (decrease) 415,559 534,301
Financial Highlights UNIQUE Moderate Growth Portfolio (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 15.50 $ 15.79 $ 14.36 $ 12.61 $ 10.61Income from Investment Operations
Net investment income (loss) A .33 .30 .29 .23 .23Net realized and unrealized gain (loss) 1.22 (.59) 1.14 1.52 1.77
Total increase (decrease) from investment operations 1.55 (.29) 1.43 1.75 2.00Net asset value, end of period $ 17.05 $ 15.50 $ 15.79 $ 14.36 $ 12.61
Total Return 10.00% (1.84)% 9.96% 13.88% 18.85%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 139,148 $ 120,050 $ 113,914 $ 89,464 $ 64,504Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 2.04% 1.84% 1.88% 1.74% 1.91%Portfolio Turnover Rate 15% 15% 15% 20% 48%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
131 Annual Report
UNIQUE Aggressive Growth Portfolio (Fidelity Index)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Total Market Index Fund Institutional Premium Class 68.7Fidelity International Index Fund Institutional Premium Class 29.9Fidelity Series Commodity Strategy Fund 1.4
100.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 68.7%
Commodity Funds 1.4%
Non – U.S. Equity Funds 29.9%
Net Other Assets (Liabilities) 0.0%
132Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 68.7%Shares Value
Fidelity Total Market Index Fund Institutional Premium Class(Cost $95,409,089) 2,051,069 $ 129,525,021
Commodity Funds – 1.4%
Fidelity Series Commodity Strategy Fund(Cost $3,401,373) 492,922 2,607,555
Non – U.S. Equity Funds – 29.9%
Fidelity International Index Fund Institutional Premium Class(Cost $55,722,032) 1,531,330 56,414,180
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $154,532,494) 188,546,756
NET OTHER ASSETS (LIABILITIES) – 0.0% (13,799)
NET ASSETS – 100% $188,532,957
UNIQUE Aggressive Growth Portfolio (Fidelity Index)
Investments September 30, 2016Showing Percentage of Net Assets
133 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Aggressive Growth Portfolio (Fidelity Index)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$154,532,494) $ 188,546,756Receivable for investments sold 611,572Receivable for units sold 115,846
Total assets 189,274,174
LiabilitiesPayable for investments purchased $ 675,315Accrued management and administration
fees 13,799Payable for units redeemed 52,103
Total liabilities 741,217Net Assets $ 188,532,957
Net Asset Value, offering price and redemption price per unit ($188,532,957 / 11,585,214 units) $ 16.27
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 3,677,594ExpensesManagement and administration fees $ 160,091
Total expenses 160,091
Net investment income (loss) 3,517,503Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 2,837,175Capital gain distributions from underlying
funds 851,493 3,688,668Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 13,114,279
Net gain (loss) 16,802,947Net increase (decrease) in net assets
resulting from operations $ 20,320,450
134Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Aggressive Growth Portfolio (Fidelity Index)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 3,517,503 $ 2,813,553Net realized gain (loss) 3,688,668 2,435,573Change in net unrealized appreciation (depreciation) 13,114,279 (11,922,009)Net increase (decrease) in net assets resulting from operations 20,320,450 (6,672,883)
Unit transactionsProceeds from sales of units 34,878,280 48,022,228Cost of units redeemed (31,584,642) (28,508,971)Net increase (decrease) in net assets resulting from unit transactions 3,293,638 19,513,257Total increase (decrease) in net assets 23,614,088 12,840,374
Net AssetsBeginning of period 164,918,869 152,078,495End of period $ 188,532,957 $ 164,918,869
Other InformationUnit transactions
Sold 2,280,739 3,100,627Redeemed (2,048,554) (1,836,401)Net increase (decrease) 232,185 1,264,226
Financial Highlights UNIQUE Aggressive Growth Portfolio (Fidelity Index)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 14.53 $ 15.07 $ 13.38 $ 11.08 $ 8.86Income from Investment Operations
Net investment income (loss) A .30 .26 .24 .20 .20Net realized and unrealized gain (loss) 1.44 (.80) 1.45 2.10 2.02
Total increase (decrease) from investment operations 1.74 (.54) 1.69 2.30 2.22Net asset value, end of period $ 16.27 $ 14.53 $ 15.07 $ 13.38 $ 11.08
Total Return 11.98% (3.58)% 12.63% 20.76% 25.06%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 188,533 $ 164,919 $ 152,078 $ 109,809 $ 74,985Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.98% 1.66% 1.66% 1.66% 1.90%Portfolio Turnover Rate 11% 10% 7% 16% 14%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
135 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Intermediate Treasury Index Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities, at value
(5,611,651 shares of Fidelity Inter-mediate Treasury Bond Index Fund – Premium Class; cost $62,034,700) $ 63,411,660
Receivable for units sold 16,357Distributions receivable 89,357
Total assets 63,517,374
LiabilitiesPayable for investments purchased $ 103,905Accrued management and administration
fees 4,663Payable for units redeemed 1,828
Total liabilities 110,396Net Assets $ 63,406,978
Net Asset Value, offering price and re-demption price per unit ($63,406,978 / 3,822,847 units) $ 16.59
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 987,109ExpensesManagement and administration fees $ 49,476
Total expenses 49,476
Net investment income (loss) 937,633Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares 42,096Capital gain distributions from underlying
funds 404,108 446,204Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 983,611Net gain (loss) 1,429,815Net increase (decrease) in net assets resulting
from operations $ 2,367,448
136Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Intermediate Treasury Index PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 937,633 $ 806,729Net realized gain (loss) 446,204 321,298Change in net unrealized appreciation (depreciation) 983,611 1,072,043Net increase (decrease) in net assets resulting from operations 2,367,448 2,200,070
Unit transactionsProceeds from sales of units 26,076,861 16,373,813Cost of units redeemed (12,839,297) (11,122,673)Net increase (decrease) in net assets resulting from unit transactions 13,237,564 5,251,140Total increase (decrease) in net assets 15,605,012 7,451,210
Net AssetsBeginning of period 47,801,966 40,350,756End of period $ 63,406,978 $ 47,801,966
Other InformationUnit transactions
Sold 1,603,972 1,050,071Redeemed (790,913) (712,576)Net increase (decrease) 813,059 337,495
Financial Highlights UNIQUE Intermediate Treasury Index Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 15.88 $ 15.10 $ 14.78 $ 15.34 $ 14.66Income from Investment Operations
Net investment income (loss) A .28 .28 .28 .25 .29Net realized and unrealized gain (loss) .43 .50 .04 (.81) .39
Total increase (decrease) from investment operations .71 .78 .32 (.56) .68Net asset value, end of period $ 16.59 $ 15.88 $ 15.10 $ 14.78 $ 15.34
Total Return 4.47% 5.17% 2.17% (3.65)% 4.64%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 63,407 $ 47,802 $ 40,351 $ 41,319 $ 47,789Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.71% 1.80% 1.85% 1.65% 1.95%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
137 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE International Index Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities, at value
(2,695,306 shares of Fidelity Interna-tional Index Fund – Investor Class; cost $101,893,793) $ 99,295,088
Receivable for investments sold 15,323Receivable for units sold 22,860
Total assets 99,333,271
LiabilitiesAccrued management and administration
fees 7,292Payable for units redeemed 38,181
Total liabilities 45,473Net Assets $ 99,287,798
Net Asset Value, offering price and redemp-tion price per unit ($99,287,798 / 8,792,830 units) $ 11.29
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 2,668,986ExpensesManagement and administration fees $ 87,261
Total expenses 87,261
Net investment income (loss) 2,581,725Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized gain (loss) on sale of underlying
funds’ shares (506,885)Change in net unrealized appreciation (depre-
ciation) on underlying funds’ shares 3,992,034Net gain (loss) 3,485,149Net increase (decrease) in net assets resulting
from operations $ 6,066,874
138Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE International Index PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 2,581,725 $ 2,297,360Net realized gain (loss) (506,885) 55,203Change in net unrealized appreciation (depreciation) 3,992,034 (11,115,046)Net increase (decrease) in net assets resulting from operations 6,066,874 (8,762,483)
Unit transactionsProceeds from sales of units 17,345,129 26,991,457Cost of units redeemed (18,350,675) (19,623,367)Net increase (decrease) in net assets resulting from unit transactions (1,005,546) 7,368,090Total increase (decrease) in net assets 5,061,328 (1,394,393)
Net AssetsBeginning of period 94,226,470 95,620,863End of period $ 99,287,798 $ 94,226,470
Other InformationUnit transactions
Sold 1,608,781 2,338,410Redeemed (1,698,093) (1,710,189)Net increase (decrease) (89,312) 628,221
Financial Highlights UNIQUE International Index Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 10.61 $ 11.58 $ 11.13 $ 9.00 $ 7.87Income from Investment Operations
Net investment income (loss) A .29 .27 .32 .24 .25Net realized and unrealized gain (loss) .39 (1.24) .13 1.89 .88
Total increase (decrease) from investment operations .68 (.97) .45 2.13 1.13Net asset value, end of period $ 11.29 $ 10.61 $ 11.58 $ 11.13 $ 9.00
Total Return 6.41% (8.38)% 4.04% 23.67% 14.36%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 99,288 $ 94,226 $ 95,621 $ 82,303 $ 60,753Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 2.66% 2.32% 2.75% 2.39% 2.92%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
139 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Fidelity® 500 Index Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities, at value
(4,377,319 shares of Fidelity 500 Index Fund – Investor Class; cost $259,978,817) $ 335,521,486
Receivable for units sold 172,073Total assets 335,693,559
LiabilitiesPayable for investments purchased $ 64,860Accrued management and administration
fees 24,450Payable for units redeemed 107,211
Total liabilities 196,521Net Assets $ 335,497,038
Net Asset Value, offering price and redemption price per unit ($335,497,038 / 17,693,421 units) $ 18.96
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 5,792,733ExpensesManagement and administration fees $ 262,745
Total expenses 262,745
Net investment income (loss) 5,529,988Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 881,418Capital gain distributions from underlying
funds 786,367 1,667,785Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 33,735,972Net gain (loss) 35,403,757Net increase (decrease) in net assets result-
ing from operations $ 40,933,745
140Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Fidelity® 500 Index PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 5,529,988 $ 4,385,455Net realized gain (loss) 1,667,785 3,040,378Change in net unrealized appreciation (depreciation) 33,735,972 (11,669,820)Net increase (decrease) in net assets resulting from operations 40,933,745 (4,243,987)
Unit transactionsProceeds from sales of units 95,006,442 100,765,585Cost of units redeemed (44,879,500) (45,512,518)Net increase (decrease) in net assets resulting from unit transactions 50,126,942 55,253,067Total increase (decrease) in net assets 91,060,687 51,009,080
Net AssetsBeginning of period 244,436,351 193,427,271End of period $ 335,497,038 $ 244,436,351
Other InformationUnit transactions
Sold 5,332,631 5,800,926Redeemed (2,497,094) (2,608,856)Net increase (decrease) 2,835,537 3,192,070
Financial Highlights UNIQUE Fidelity 500 Index Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 16.45 $ 16.58 $ 13.88 $ 11.65 $ 8.97Income from Investment Operations
Net investment income (loss) A .34 .32 .27 .23 .19Net realized and unrealized gain (loss) 2.17 (.45) 2.43 2.00 2.49
Total increase (decrease) from investment operations 2.51 (.13) 2.70 2.23 2.68Net asset value, end of period $ 18.96 $ 16.45 $ 16.58 $ 13.88 $ 11.65
Total Return 15.26% (.78)% 19.45% 19.14% 29.88%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 335,497 $ 244,436 $ 193,427 $ 132,014 $ 84,561Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.89% 1.84% 1.70% 1.82% 1.74%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
141 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Total Market Index Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value
(3,540,640 shares of Fidelity Total Market Index Fund Institutional Premium Class; cost $161,648,235) $ 223,591,436
Receivable for units sold 118,727Total assets 223,710,163
LiabilitiesPayable for investments purchased $ 54,106Accrued management and administration
fees 16,337Payable for units redeemed 64,621
Total liabilities 135,064Net Assets $ 223,575,099
Net Asset Value, offering price and re-demption price per unit ($223,575,099 / 11,572,970 units) $ 19.32
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 3,769,297ExpensesManagement and administration fees $ 186,166
Total expenses 186,166
Net investment income (loss) 3,583,131Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares 2,515,507Capital gain distributions from underlying
funds 1,427,763 3,943,270Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 21,173,580
Net gain (loss) 25,116,850Net increase (decrease) in net assets
resulting from operations $ 28,699,981
142Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Total Market Index PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 3,583,131 $ 2,662,050Net realized gain (loss) 3,943,270 934,329Change in net unrealized appreciation (depreciation) 21,173,580 (6,027,275)Net increase (decrease) in net assets resulting from operations 28,699,981 (2,430,896)
Unit transactionsProceeds from sales of units 44,443,282 58,953,938Cost of units redeemed (35,815,752) (32,862,956)Net increase (decrease) in net assets resulting from unit transactions 8,627,530 26,090,982Total increase (decrease) in net assets 37,327,511 23,660,086
Net AssetsBeginning of period 186,247,588 162,587,502End of period $ 223,575,099 $ 186,247,588
Other InformationUnit transactions
Sold 2,479,091 3,309,845Redeemed (1,975,998) (1,838,650)Net increase (decrease) 503,093 1,471,195
Financial Highlights UNIQUE Total Market Index Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 16.82 $ 16.94 $ 14.42 $ 11.90 $ 9.16Income from Investment Operations
Net investment income (loss) A .31 .25 .21 .19 .16Net realized and unrealized gain (loss) 2.19 (.37) 2.31 2.33 2.58
Total increase (decrease) from investment operations 2.50 (.12) 2.52 2.52 2.74Net asset value, end of period $ 19.32 $ 16.82 $ 16.94 $ 14.42 $ 11.90
Total Return 14.86% (.71)% 17.48% 21.18% 29.91%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 223,575 $ 186,248 $ 162,588 $ 114,266 $ 76,760Ratio of expenses to average net assets .09% .09% .09% .14% .15%Ratio of net investment income (loss) to average net assets 1.73% 1.42% 1.30% 1.45% 1.49%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
143 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Bank Deposit Portfolio
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in bank deposits $ 115,480,872Receivable for units sold 225,173Distributions receivable 36,935
Total assets 115,742,980
LiabilitiesPayable for investments purchased $ 207,595Accrued management and administration
fees 4,648Payable for units redeemed 54,489
Total liabilities 266,732Net Assets $ 115,476,248
Net Asset Value, offering price and redemption price per unit ($115,476,248 / 11,454,267 units) $ 10.08
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 334,131ExpensesManagement and administration fees $ 50,547
Total expenses 50,547
Net investment income (loss) 283,584Realized and Unrealized Gain (Loss) on Invest-
mentsNet realized and unrealized gain (loss) on
investments –Net increase (decrease) in net assets resulting
from operations $ 283,584
144Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Bank Deposit PortfolioFinancial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 283,584 $ 73,269
Unit transactionsProceeds from sales of units 63,688,817 48,939,798Cost of units redeemed (40,291,821) (35,303,573)Net increase (decrease) in net assets resulting from unit transactions 23,396,996 13,636,225Total increase (decrease) in net assets 23,680,580 13,709,494
Net AssetsBeginning of period 91,795,668 78,086,174End of period $ 115,476,248 $ 91,795,668
Other InformationUnit transactions
Sold 6,326,680 4,869,531Redeemed (4,002,705) (3,512,799)Net increase (decrease) 2,323,975 1,356,732
Financial Highlights UNIQUE Bank Deposit Portfolio
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 10.05 $ 10.05 $ 10.04 $ 10.03 $ 10.02Income from Investment Operations
Net investment income (loss) A .03 –B .01 .01 .01Net realized and unrealized gain (loss) – – – – –
Total increase (decrease) from investment operations .03 –B .01 .01 .01Net asset value, end of period $ 10.08 $ 10.05 $ 10.05 $ 10.04 $ 10.03
Total Return .30% –% .10% .10% .10%Ratios and Supplemental Data Net assets, end of period (in $ thousands) $ 115,476 $ 91,796 $ 78,086 $ 65,026 $ 44,433Ratio of expenses to average net assets .05% .05% .05% .05% .05%Ratio of net investment income (loss) to average net assets .28% .09% .09% .10% .10%
A Calculated based on average units outstanding during the period.B Amount represents less than $.01 per unit.
145 Annual Report
UNIQUE College Portfolio (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Conservative Income Bond Fund Institutional Class 10.6PIMCO Total Return Fund Administrative Class 8.3Metropolitan West Total Return Bond Fund Class M 8.3Western Asset Core Bond Fund Class F 8.3Fidelity Short-Term Bond Fund 8.0Fidelity Investments Money Market Government Portfolio Institutional Class 7.9Fidelity Total Bond Fund 6.2Prudential Total Return Bond Fund Class A 6.2Fidelity Investment Grade Bond Fund 4.1PIMCO Real Return Fund Administrative Class 3.9
71.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 14.8%
Non – U.S. Equity Funds 8.9%
Bond Funds 49.8%
Short-Term Funds 26.5%
Net Other Assets (Liabilities) 0.0%
146Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 14.8%Shares Value
AB Select U.S. Equity Portfolio Class A 13,896 $ 209,974BBH Core Select Fund - Retail Class 8,435 112,273Credit Suisse Commodity Return
Strategy Fund 28,504 140,810Fidelity Growth Company Fund 991 140,773Fidelity Large Cap Value Enhanced
Index Fund 21,733 245,364JPMorgan Small Cap Equity Fund
Class A 4,149 182,088JPMorgan U.S. Equity Fund Class A 28,438 410,079Loomis Sayles Growth Fund 8,323 105,957PIMCO CommoditiesPLUS Strategy
Fund Admin Class 7,757 47,083
TOTAL U.S. EQUITY FUNDS(Cost $1,518,859) 1,594,401
Non – U.S. Equity Funds – 8.9%
Acadian Emerging Markets Portfolio Institutional Class 16,656 288,324
Causeway International Value Fund Investor Class 7,646 106,731
Fidelity Canada Fund 363 17,815MFS International Value Fund A Shares 2,994 112,694MFS Research International Fund A
Shares 9,361 149,774Oppenheimer Developing Markets
Fund Class A 5,694 195,125William Blair International Growth
Fund Class N 3,645 92,227
TOTAL NON – U.S. EQUITY FUNDS(Cost $934,352) 962,690
Bond Funds – 49.8%
BlackRock High Yield Bond Portfolio Investor A Class 15,008 114,211
Fidelity Floating Rate High Income Fund 2,892 27,652Fidelity Investment Grade Bond Fund 55,650 446,870Fidelity New Markets Income Fund 4,455 72,791Fidelity Real Estate Income Fund 4,235 51,288Fidelity Total Bond Fund 61,776 670,885Hotchkis and Wiley High Yield Fund
Class A 9,937 117,849MainStay High Yield Corporate Bond
Fund Class A 17,429 100,214Metropolitan West Total Return Bond
Fund Class M 81,014 892,774PIMCO Real Return Fund Administrative
Class 37,123 416,893PIMCO Total Return Fund
Administrative Class 86,558 896,739
UNIQUE College Portfolio (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 45,182 $ 669,594
Western Asset Core Bond Fund Class F 69,986 892,316
TOTAL BOND FUNDS(Cost $5,214,663) 5,370,076
Short-Term Funds – 26.5%
Fidelity Conservative Income Bond Fund Institutional Class 114,259 1,146,015
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 856,584 856,584
Fidelity Short-Term Bond Fund 99,139 857,554
TOTAL SHORT-TERM FUNDS(Cost $2,853,791) 2,860,153
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $10,521,665) 10,787,320
NET OTHER ASSETS (LIABILITIES) – 0.0% (3,439)
NET ASSETS – 100% $10,783,881
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
147 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$10,521,665) $ 10,787,320Receivable for investments sold 11,398Receivable for units sold 1,875
11,497Total assets 10,812,090
LiabilitiesPayable for investments purchased $ 17,863Accrued management and administration
fees 3,115Payable for units redeemed 7,231
Total liabilities 28,209Net Assets $ 10,783,881
Net Asset Value, offering price and redemption price per unit ($10,783,881 / 890,539 units) $ 12.11
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 186,078ExpensesManagement and administration fees $ 39,450
Total expenses 39,450
Net investment income (loss) 146,628Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underlying
funds’ shares (179,993)Capital gain distributions from underlying
funds 157,782 (22,211)Change in net unrealized appreciation (de-
preciation) on underlying funds’ shares 535,885Net gain (loss) 513,674Net increase (decrease) in net assets resulting
from operations $ 660,302
148Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE College Portfolio (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 146,628 $ 186,133Net realized gain (loss) (22,211) 176,172Change in net unrealized appreciation (depreciation) 535,885 (408,652)Net increase (decrease) in net assets resulting from operations 660,302 (46,347)
Unit transactionsProceeds from sales of units 3,694,503 4,246,653Cost of units redeemed (5,666,268) (6,373,048)Net increase (decrease) in net assets resulting from unit transactions (1,971,765) (2,126,395)Total increase (decrease) in net assets (1,311,463) (2,172,742)
Net AssetsBeginning of period 12,095,344 14,268,086End of period $ 10,783,881 $ 12,095,344
Other InformationUnit transactions
Sold 316,882 365,166Redeemed (486,650) (548,467)Net increase (decrease) (169,768) (183,301)
Financial Highlights UNIQUE College Portfolio (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012Selected Per Unit Data Net asset value, beginning of period $ 11.41 $ 11.47 $ 11.07 $ 10.77 $ 10.00Income from Investment Operations
Net investment income (loss) A .15 .16 .12 .12 .13Net realized and unrealized gain (loss) .55 (.22) .28 .18 .64
Total increase (decrease) from investment operations .70 (.06) .40 .30 .77Net asset value, end of period $ 12.11 $ 11.41 $ 11.47 $ 11.07 $ 10.77
Total Return 6.13% (.52)% 3.61% 2.79% 7.70%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 10,784 $ 12,095 $ 14,268 $ 3,489 $ 2,690Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.30% 1.36% 1.03% 1.08% 1.22%Portfolio Turnover Rate 85% 32% 50% 44% 49%
A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.
149 Annual Report
UNIQUE Portfolio 2015 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsFidelity Conservative Income Bond Fund Institutional Class 10.6PIMCO Total Return Fund Administrative Class 8.3Metropolitan West Total Return Bond Fund Class M 8.3Western Asset Core Bond Fund Class F 8.3Fidelity Short-Term Bond Fund 8.0Fidelity Investments Money Market Government Portfolio Institutional Class 7.9Fidelity Total Bond Fund 6.2Prudential Total Return Bond Fund Class A 6.2Fidelity Investment Grade Bond Fund 4.1PIMCO Real Return Fund Administrative Class 3.9
71.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 14.8%
Non – U.S. Equity Funds 8.9%
Bond Funds 49.8%
Short-Term Funds 26.5%
Net Other Assets (Liabilities) 0.0%
150Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 14.8%Shares Value
AB Select U.S. Equity Portfolio Class A 37,474 $ 566,235BBH Core Select Fund - Retail Class 22,739 302,658Credit Suisse Commodity Return
Strategy Fund 76,801 379,395Fidelity Growth Company Fund 2,672 379,508Fidelity Large Cap Value Enhanced
Index Fund 58,615 661,759JPMorgan Small Cap Equity Fund
Class A 11,203 491,714JPMorgan U.S. Equity Fund Class A 76,676 1,105,671Loomis Sayles Growth Fund 22,438 285,642PIMCO CommoditiesPLUS Strategy
Fund Admin Class 20,907 126,904
TOTAL U.S. EQUITY FUNDS(Cost $4,065,051) 4,299,486
Non – U.S. Equity Funds – 8.9%
Acadian Emerging Markets Portfolio Institutional Class 44,886 776,969
Causeway International Value Fund Investor Class 20,590 287,438
Fidelity Canada Fund 971 47,606MFS International Value Fund A Shares 8,074 303,895MFS Research International Fund A
Shares 25,199 403,177Oppenheimer Developing Markets
Fund Class A 15,341 525,720William Blair International Growth
Fund Class N 9,799 247,923
TOTAL NON – U.S. EQUITY FUNDS(Cost $2,469,637) 2,592,728
Bond Funds – 49.8%
BlackRock High Yield Bond Portfolio Investor A Class 40,341 306,991
Fidelity Floating Rate High Income Fund 7,794 74,511Fidelity Investment Grade Bond Fund 150,065 1,205,023Fidelity New Markets Income Fund 11,992 195,953Fidelity Real Estate Income Fund 11,459 138,766Fidelity Total Bond Fund 166,581 1,809,073Hotchkis and Wiley High Yield Fund
Class A 26,703 316,703MainStay High Yield Corporate Bond
Fund Class A 46,844 269,352Metropolitan West Total Return Bond
Fund Class M 218,456 2,407,389PIMCO Real Return Fund Administrative
Class 99,961 1,122,560PIMCO Total Return Fund
Administrative Class 233,396 2,417,978
UNIQUE Portfolio 2015 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 121,839 $ 1,805,649
Western Asset Core Bond Fund Class F 188,725 2,406,244
TOTAL BOND FUNDS(Cost $14,085,687) 14,476,192
Short-Term Funds – 26.5%
Fidelity Conservative Income Bond Fund Institutional Class 308,025 3,089,484
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 2,309,046 2,309,046
Fidelity Short-Term Bond Fund 267,245 2,311,671
TOTAL SHORT-TERM FUNDS(Cost $7,692,669) 7,710,201
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $28,313,044) 29,078,607
NET OTHER ASSETS (LIABILITIES) – 0.0% (9,170)
NET ASSETS – 100% $29,069,437
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
151 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$28,313,044) $ 29,078,607Receivable for investments sold 14,469Receivable for units sold 73,677
30,672Total assets 29,197,425
LiabilitiesPayable for investments purchased $ 106,386Accrued management and administration
fees 8,300Payable for units redeemed 13,302
Total liabilities 127,988Net Assets $ 29,069,437
Net Asset Value, offering price and re-demption price per unit ($29,069,437 / 2,247,038 units) $ 12.94
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 480,130ExpensesManagement and administration fees $ 102,038
Total expenses 102,038
Net investment income (loss) 378,092Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (231,053)Capital gain distributions from underlying
funds 389,171 158,118Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 1,222,476Net gain (loss) 1,380,594Net increase (decrease) in net assets result-
ing from operations $ 1,758,686
152Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2015 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 378,092 $ 390,982Net realized gain (loss) 158,118 508,801Change in net unrealized appreciation (depreciation) 1,222,476 (1,039,781)Net increase (decrease) in net assets resulting from operations 1,758,686 (139,998)
Unit transactionsProceeds from sales of units 8,732,795 9,769,572Cost of units redeemed (9,628,336) (7,176,636)Net increase (decrease) in net assets resulting from unit transactions (895,541) 2,592,936Total increase (decrease) in net assets 863,145 2,452,938
Net AssetsBeginning of period 28,206,292 25,753,354End of period $ 29,069,437 $ 28,206,292
Other InformationUnit transactions
Sold 698,788 788,050Redeemed (766,164) (578,298)Net increase (decrease) (67,376) 209,752
Financial Highlights UNIQUE Portfolio 2015 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 12.19 $ 12.24 $ 11.71 $ 11.19 $ 10.00Income from Investment Operations
Net investment income (loss) B .16 .17 .13 .13 .14Net realized and unrealized gain (loss) .59 (.22) .40 .39 1.05
Total increase (decrease) from investment operations .75 (.05) .53 .52 1.19Net asset value, end of period $ 12.94 $ 12.19 $ 12.24 $ 11.71 $ 11.19
Total Return 6.15% (.41)% 4.53% 4.65% 11.90%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 29,069 $ 28,206 $ 25,753 $ 18,485 $ 8,958Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.30% 1.36% 1.06% 1.17% 1.31%Portfolio Turnover Rate 85% 28% 35% 23% 29%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
153 Annual Report
UNIQUE Portfolio 2018 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsPIMCO Total Return Fund Administrative Class 8.3Western Asset Core Bond Fund Class F 8.3Metropolitan West Total Return Bond Fund Class M 8.3Fidelity Conservative Income Bond Fund Institutional Class 7.5Fidelity Total Bond Fund 6.3Prudential Total Return Bond Fund Class A 6.3Fidelity Short-Term Bond Fund 5.6Fidelity Investments Money Market Government Portfolio Institutional Class 5.6JPMorgan U.S. Equity Fund Class A 5.4Fidelity Investment Grade Bond Fund 4.2
65.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 20.2%
Non – U.S. Equity Funds 11.5%
Bond Funds 49.6%
Short-Term Funds 18.7%
Net Other Assets (Liabilities) 0.0%
154Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 20.2%Shares Value
AB Select U.S. Equity Portfolio Class A 100,012 $ 1,511,181BBH Core Select Fund - Retail Class 60,634 807,032Credit Suisse Commodity Return
Strategy Fund 142,836 705,611Fidelity Growth Company Fund 7,067 1,003,544Fidelity Large Cap Value Enhanced
Index Fund 156,089 1,762,241JPMorgan Small Cap Equity Fund
Class A 29,825 1,309,029JPMorgan U.S. Equity Fund Class A 203,746 2,938,010Loomis Sayles Growth Fund 59,339 755,387PIMCO CommoditiesPLUS Strategy
Fund Admin Class 38,890 236,065
TOTAL U.S. EQUITY FUNDS(Cost $10,421,454) 11,028,100
Non – U.S. Equity Funds – 11.5%
Acadian Emerging Markets Portfolio Institutional Class 98,136 1,698,737
Causeway International Value Fund Investor Class 55,830 779,390
Fidelity Canada Fund 3,197 156,682MFS International Value Fund A Shares 20,960 788,932MFS Research International Fund A
Shares 67,025 1,072,393Oppenheimer Developing Markets
Fund Class A 33,528 1,149,021William Blair International Growth
Fund Class N 26,501 670,483
TOTAL NON – U.S. EQUITY FUNDS(Cost $6,073,056) 6,315,638
Bond Funds – 49.6%
BlackRock High Yield Bond Portfolio Investor A Class 71,493 544,063
Fidelity Floating Rate High Income Fund 14,327 136,965Fidelity Investment Grade Bond Fund 283,607 2,277,367Fidelity New Markets Income Fund 21,887 357,636Fidelity Real Estate Income Fund 21,185 256,555Fidelity Total Bond Fund 314,765 3,418,348Hotchkis and Wiley High Yield Fund
Class A 47,237 560,234MainStay High Yield Corporate Bond
Fund Class A 82,960 477,017Metropolitan West Total Return Bond
Fund Class M 412,793 4,548,978PIMCO Real Return Fund Administrative
Class 176,727 1,984,646PIMCO Total Return Fund
Administrative Class 440,510 4,563,685
UNIQUE Portfolio 2018 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 230,539 $ 3,416,583
Western Asset Core Bond Fund Class F 357,069 4,552,629
TOTAL BOND FUNDS(Cost $26,356,183) 27,094,706
Short-Term Funds – 18.7%
Fidelity Conservative Income Bond Fund Institutional Class 408,783 4,100,091
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 3,053,359 3,053,359
Fidelity Short-Term Bond Fund 353,185 3,055,049
TOTAL SHORT-TERM FUNDS(Cost $10,189,370) 10,208,499
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $53,040,063) 54,646,943
NET OTHER ASSETS (LIABILITIES) – 0.0% (17,078)
NET ASSETS – 100% $54,629,865
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
155 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$53,040,063) $ 54,646,943Receivable for investments sold 207,867Receivable for units sold 42,099
54,109Total assets 54,951,018
LiabilitiesPayable for investments purchased $ 205,766Accrued management and administration
fees 15,463Payable for units redeemed 99,924
Total liabilities 321,153Net Assets $ 54,629,865
Net Asset Value, offering price and re-demption price per unit ($54,629,865 / 3,925,061 units) $ 13.92
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 806,914ExpensesManagement and administration fees $ 170,639
Total expenses 170,639
Net investment income (loss) 636,275Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (303,002)Capital gain distributions from underlying
funds 830,503 527,501Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 2,326,654Net gain (loss) 2,854,155Net increase (decrease) in net assets result-
ing from operations $ 3,490,430
156Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2018 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 636,275 $ 589,212Net realized gain (loss) 527,501 927,833Change in net unrealized appreciation (depreciation) 2,326,654 (1,989,095)Net increase (decrease) in net assets resulting from operations 3,490,430 (472,050)
Unit transactionsProceeds from sales of units 11,914,870 12,992,327Cost of units redeemed (3,902,348) (3,530,563)Net increase (decrease) in net assets resulting from unit transactions 8,012,522 9,461,764Total increase (decrease) in net assets 11,502,952 8,989,714
Net AssetsBeginning of period 43,126,913 34,137,199End of period $ 54,629,865 $ 43,126,913
Other InformationUnit transactions
Sold 891,731 975,374Redeemed (290,396) (265,372)Net increase (decrease) 601,335 710,002
Financial Highlights UNIQUE Portfolio 2018 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 12.98 $ 13.06 $ 12.31 $ 11.45 $ 10.00Income from Investment Operations
Net investment income (loss) B .17 .20 .15 .15 .15Net realized and unrealized gain (loss) .77 (.28) .60 .71 1.30
Total increase (decrease) from investment operations .94 (.08) .75 .86 1.45Net asset value, end of period $ 13.92 $ 12.98 $ 13.06 $ 12.31 $ 11.45
Total Return 7.24% (.61)% 6.09% 7.51% 14.50%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 54,630 $ 43,127 $ 34,137 $ 21,420 $ 8,479Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.31% 1.46% 1.17% 1.24% 1.32%Portfolio Turnover Rate 69% 13% 34% 2% 25%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
157 Annual Report
UNIQUE Portfolio 2021 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsJPMorgan U.S. Equity Fund Class A 8.1PIMCO Total Return Fund Administrative Class 7.2Western Asset Core Bond Fund Class F 7.2Metropolitan West Total Return Bond Fund Class M 7.2Fidelity Total Bond Fund 5.4Prudential Total Return Bond Fund Class A 5.4Fidelity Large Cap Value Enhanced Index Fund 4.8Fidelity Conservative Income Bond Fund Institutional Class 4.7AB Select U.S. Equity Portfolio Class A 4.1Acadian Emerging Markets Portfolio Institutional Class 3.9
58.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 29.4%
Non – U.S. Equity Funds 15.8%
Bond Funds 43.1%
Short-Term Funds 11.7%
Net Other Assets (Liabilities) 0.0%
158Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 29.4%Shares Value
AB Select U.S. Equity Portfolio Class A 173,608 $ 2,623,223BBH Core Select Fund - Retail Class 105,252 1,400,899Credit Suisse Commodity Return
Strategy Fund 166,330 821,670Fidelity Growth Company Fund 12,267 1,742,066Fidelity Large Cap Value Enhanced
Index Fund 270,951 3,059,039JPMorgan Small Cap Equity Fund
Class A 51,773 2,272,317JPMorgan U.S. Equity Fund Class A 353,668 5,099,901Loomis Sayles Growth Fund 103,005 1,311,255PIMCO CommoditiesPLUS Strategy
Fund Admin Class 45,274 274,816
TOTAL U.S. EQUITY FUNDS(Cost $17,547,871) 18,605,186
Non – U.S. Equity Funds – 15.8%
Acadian Emerging Markets Portfolio Institutional Class 142,605 2,468,494
Causeway International Value Fund Investor Class 95,383 1,331,552
Fidelity Canada Fund 5,462 267,716MFS International Value Fund A Shares 35,807 1,347,757MFS Research International Fund A
Shares 114,492 1,831,879Oppenheimer Developing Markets
Fund Class A 48,115 1,648,914William Blair International Growth
Fund Class N 45,269 1,145,308
TOTAL NON – U.S. EQUITY FUNDS(Cost $9,690,226) 10,041,620
Bond Funds – 43.1%
BlackRock High Yield Bond Portfolio Investor A Class 82,056 624,450
Fidelity Floating Rate High Income Fund 16,489 157,632Fidelity Investment Grade Bond Fund 282,179 2,265,897Fidelity New Markets Income Fund 25,173 411,331Fidelity Real Estate Income Fund 24,492 296,600Fidelity Total Bond Fund 314,382 3,414,188Hotchkis and Wiley High Yield Fund
Class A 54,209 642,920MainStay High Yield Corporate Bond
Fund Class A 95,221 547,521Metropolitan West Total Return Bond
Fund Class M 413,078 4,552,121PIMCO Real Return Fund Administrative
Class 167,276 1,878,508PIMCO Total Return Fund
Administrative Class 440,805 4,566,737
UNIQUE Portfolio 2021 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 230,257 $ 3,412,415
Western Asset Core Bond Fund Class F 357,316 4,555,773
TOTAL BOND FUNDS(Cost $26,576,747) 27,326,093
Short-Term Funds – 11.7%
Fidelity Conservative Income Bond Fund Institutional Class 296,419 2,973,086
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 2,215,570 2,215,570
Fidelity Short-Term Bond Fund 256,280 2,216,819
TOTAL SHORT-TERM FUNDS(Cost $7,392,771) 7,405,475
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $61,207,615) 63,378,374
NET OTHER ASSETS (LIABILITIES) – 0.0% (19,719)
NET ASSETS – 100% $63,358,655
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
159 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$61,207,615) $ 63,378,374Receivable for investments sold 289,354Receivable for units sold 21,660
53,981Total assets 63,743,369
LiabilitiesPayable for investments purchased $ 260,266Accrued management and administration
fees 18,105Payable for units redeemed 106,343
Total liabilities 384,714Net Assets $ 63,358,655
Net Asset Value, offering price and re-demption price per unit ($63,358,655 / 4,248,795 units) $ 14.91
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 866,791ExpensesManagement and administration fees $ 195,130
Total expenses 195,130
Net investment income (loss) 671,661Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (225,585)Capital gain distributions from underlying
funds 1,182,776 957,191Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 2,970,458Net gain (loss) 3,927,649Net increase (decrease) in net assets result-
ing from operations $ 4,599,310
160Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2021 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 671,661 $ 636,657Net realized gain (loss) 957,191 1,226,633Change in net unrealized appreciation (depreciation) 2,970,458 (2,713,463)Net increase (decrease) in net assets resulting from operations 4,599,310 (850,173)
Unit transactionsProceeds from sales of units 14,709,486 15,210,853Cost of units redeemed (4,212,374) (2,605,942)Net increase (decrease) in net assets resulting from unit transactions 10,497,112 12,604,911Total increase (decrease) in net assets 15,096,422 11,754,738
Net AssetsBeginning of period 48,262,233 36,507,495End of period $ 63,358,655 $ 48,262,233
Other InformationUnit transactions
Sold 1,033,973 1,065,521Redeemed (291,619) (182,541)Net increase (decrease) 742,354 882,980
Financial Highlights UNIQUE Portfolio 2021 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 13.76 $ 13.92 $ 12.94 $ 11.73 $ 10.00Income from Investment Operations
Net investment income (loss) B .17 .20 .16 .15 .14Net realized and unrealized gain (loss) .98 (.36) .82 1.06 1.59
Total increase (decrease) from investment operations 1.15 (.16) .98 1.21 1.73Net asset value, end of period $ 14.91 $ 13.76 $ 13.92 $ 12.94 $ 11.73
Total Return 8.36% (1.15)% 7.57% 10.32% 17.30%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 63,359 $ 48,262 $ 36,507 $ 22,276 $ 8,163Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.20% 1.43% 1.17% 1.21% 1.25%Portfolio Turnover Rate 66% 13% 35% 18% 31%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
161 Annual Report
UNIQUE Portfolio 2024 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsJPMorgan U.S. Equity Fund Class A 10.6Fidelity Large Cap Value Enhanced Index Fund 6.4PIMCO Total Return Fund Administrative Class 6.0Western Asset Core Bond Fund Class F 6.0Metropolitan West Total Return Bond Fund Class M 6.0AB Select U.S. Equity Portfolio Class A 5.4JPMorgan Small Cap Equity Fund Class A 4.7Fidelity Total Bond Fund 4.5Prudential Total Return Bond Fund Class A 4.5Acadian Emerging Markets Portfolio Institutional Class 4.5
58.6
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 38.0%
Non – U.S. Equity Funds 19.6%
Bond Funds 35.9%
Short-Term Funds 6.5%
Net Other Assets (Liabilities) 0.0%
162Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 38.0%Shares Value
AB Select U.S. Equity Portfolio Class A 205,947 $ 3,111,866BBH Core Select Fund - Retail Class 124,857 1,661,845Credit Suisse Commodity Return
Strategy Fund 149,807 740,046Fidelity Growth Company Fund 14,553 2,066,608Fidelity Large Cap Value Enhanced
Index Fund 321,423 3,628,870JPMorgan Small Cap Equity Fund
Class A 61,417 2,695,606JPMorgan U.S. Equity Fund Class A 419,536 6,049,715Loomis Sayles Growth Fund 122,193 1,555,515PIMCO CommoditiesPLUS Strategy
Fund Admin Class 40,778 247,522
TOTAL U.S. EQUITY FUNDS(Cost $20,539,707) 21,757,593
Non – U.S. Equity Funds – 19.6%
Acadian Emerging Markets Portfolio Institutional Class 147,732 2,557,236
Causeway International Value Fund Investor Class 112,288 1,567,542
Fidelity Canada Fund 6,421 314,674MFS International Value Fund A Shares 42,158 1,586,835MFS Research International Fund A
Shares 134,787 2,156,598Oppenheimer Developing Markets
Fund Class A 49,688 1,702,800William Blair International Growth
Fund Class N 53,294 1,348,346
TOTAL NON – U.S. EQUITY FUNDS(Cost $10,881,580) 11,234,031
Bond Funds – 35.9%
BlackRock High Yield Bond Portfolio Investor A Class 71,545 544,455
Fidelity Floating Rate High Income Fund 14,720 140,725Fidelity Investment Grade Bond Fund 211,930 1,701,797Fidelity New Markets Income Fund 22,416 366,271Fidelity Real Estate Income Fund 21,921 265,460Fidelity Total Bond Fund 235,877 2,561,629Hotchkis and Wiley High Yield Fund
Class A 47,254 560,437MainStay High Yield Corporate Bond
Fund Class A 83,011 477,315Metropolitan West Total Return Bond
Fund Class M 309,775 3,413,718PIMCO Real Return Fund Administrative
Class 97,513 1,095,075PIMCO Total Return Fund
Administrative Class 330,566 3,424,664
UNIQUE Portfolio 2024 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 172,760 $ 2,560,303
Western Asset Core Bond Fund Class F 267,956 3,416,444
TOTAL BOND FUNDS(Cost $19,979,386) 20,528,293
Short-Term Funds – 6.5%
Fidelity Conservative Income Bond Fund Institutional Class 149,403 1,498,517
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 1,116,085 1,116,085
Fidelity Short-Term Bond Fund 129,099 1,116,703
TOTAL SHORT-TERM FUNDS(Cost $3,726,114) 3,731,305
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $55,126,787) 57,251,222
NET OTHER ASSETS (LIABILITIES) – 0.0% (17,413)
NET ASSETS – 100% $57,233,809
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
163 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$55,126,787) $ 57,251,222Receivable for investments sold 273,568Receivable for units sold 39,206
40,289Total assets 57,604,285
LiabilitiesPayable for investments purchased $ 353,663Accrued management and administration
fees 16,214Payable for units redeemed 599
Total liabilities 370,476Net Assets $ 57,233,809
Net Asset Value, offering price and re-demption price per unit ($57,233,809 / 3,622,569 units) $ 15.80
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 704,360ExpensesManagement and administration fees $ 169,228
Total expenses 169,228
Net investment income (loss) 535,132Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (174,627)Capital gain distributions from underlying
funds 1,212,558 1,037,931Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 2,860,506Net gain (loss) 3,898,437Net increase (decrease) in net assets result-
ing from operations $ 4,433,569
164Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2024 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 535,132 $ 492,816Net realized gain (loss) 1,037,931 1,274,641Change in net unrealized appreciation (depreciation) 2,860,506 (2,729,118)Net increase (decrease) in net assets resulting from operations 4,433,569 (961,661)
Unit transactionsProceeds from sales of units 15,262,224 13,320,508Cost of units redeemed (2,875,215) (2,694,860)Net increase (decrease) in net assets resulting from unit transactions 12,387,009 10,625,648Total increase (decrease) in net assets 16,820,578 9,663,987
Net AssetsBeginning of period 40,413,231 30,749,244End of period $ 57,233,809 $ 40,413,231
Other InformationUnit transactions
Sold 1,016,267 881,166Redeemed (189,491) (178,123)Net increase (decrease) 826,776 703,043
Financial Highlights UNIQUE Portfolio 2024 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 14.46 $ 14.69 $ 13.52 $ 11.94 $ 10.00Income from Investment Operations
Net investment income (loss) B .17 .20 .15 .14 .13Net realized and unrealized gain (loss) 1.17 (.43) 1.02 1.44 1.81
Total increase (decrease) from investment operations 1.34 (.23) 1.17 1.58 1.94Net asset value, end of period $ 15.80 $ 14.46 $ 14.69 $ 13.52 $ 11.94
Total Return 9.27% (1.57)% 8.65% 13.23% 19.40%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 57,234 $ 40,413 $ 30,749 $ 18,142 $ 5,867Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.11% 1.32% 1.03% 1.10% 1.12%Portfolio Turnover Rate 64% 16% 32% 16% 37%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
165 Annual Report
UNIQUE Portfolio 2027 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsJPMorgan U.S. Equity Fund Class A 13.1Fidelity Large Cap Value Enhanced Index Fund 7.9AB Select U.S. Equity Portfolio Class A 6.8JPMorgan Small Cap Equity Fund Class A 5.9Acadian Emerging Markets Portfolio Institutional Class 4.9PIMCO Total Return Fund Administrative Class 4.7Western Asset Core Bond Fund Class F 4.7MFS Research International Fund A Shares 4.6Metropolitan West Total Return Bond Fund Class M 4.6Fidelity Growth Company Fund 4.5
61.7
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 46.9%
Non – U.S. Equity Funds 23.2%
Bond Funds 27.9%
Short-Term Funds 2.0%
Net Other Assets (Liabilities) 0.0%
166Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 46.9%Shares Value
AB Select U.S. Equity Portfolio Class A 246,289 $ 3,721,433BBH Core Select Fund - Retail Class 149,314 1,987,374Credit Suisse Commodity Return
Strategy Fund 146,480 723,609Fidelity Growth Company Fund 17,403 2,471,437Fidelity Large Cap Value Enhanced
Index Fund 384,386 4,339,715JPMorgan Small Cap Equity Fund
Class A 73,444 3,223,471JPMorgan U.S. Equity Fund Class A 501,714 7,234,720Loomis Sayles Growth Fund 146,128 1,860,212PIMCO CommoditiesPLUS Strategy
Fund Admin Class 40,591 246,390
TOTAL U.S. EQUITY FUNDS(Cost $24,341,800) 25,808,361
Non – U.S. Equity Funds – 23.2%
Acadian Emerging Markets Portfolio Institutional Class 156,509 2,709,174
Causeway International Value Fund Investor Class 133,112 1,858,242
Fidelity Canada Fund 7,611 373,034MFS International Value Fund A Shares 49,976 1,881,087MFS Research International Fund A
Shares 159,780 2,556,482Oppenheimer Developing Markets
Fund Class A 53,481 1,832,799William Blair International Growth
Fund Class N 63,175 1,598,320
TOTAL NON – U.S. EQUITY FUNDS(Cost $12,394,746) 12,809,138
Bond Funds – 27.9%
BlackRock High Yield Bond Portfolio Investor A Class 68,144 518,573
Fidelity Floating Rate High Income Fund 13,979 133,635Fidelity Investment Grade Bond Fund 158,611 1,273,644Fidelity New Markets Income Fund 21,282 347,746Fidelity Real Estate Income Fund 20,886 252,928Fidelity Total Bond Fund 176,532 1,917,137Hotchkis and Wiley High Yield Fund
Class A 45,003 533,735MainStay High Yield Corporate Bond
Fund Class A 79,061 454,599Metropolitan West Total Return Bond
Fund Class M 231,844 2,554,926PIMCO Real Return Fund Administrative
Class 29,304 329,085PIMCO Total Return Fund
Administrative Class 247,394 2,563,000
UNIQUE Portfolio 2027 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 129,295 $ 1,916,157
Western Asset Core Bond Fund Class F 200,543 2,556,929
TOTAL BOND FUNDS(Cost $14,947,468) 15,352,094
Short-Term Funds – 2.0%
Fidelity Conservative Income Bond Fund Institutional Class 45,161 452,964
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 334,147 334,147
Fidelity Short-Term Bond Fund 38,651 334,329
TOTAL SHORT-TERM FUNDS(Cost $1,120,540) 1,121,440
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $52,804,554) 55,091,033
NET OTHER ASSETS (LIABILITIES) – 0.0% (16,381)
NET ASSETS – 100% $55,074,652
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
167 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$52,804,554) $ 55,091,033Receivable for investments sold 426,044Receivable for units sold 31,602
30,430Total assets 55,579,109
LiabilitiesPayable for investments purchased $ 488,957Accrued management and administration
fees 15,500Total liabilities 504,457
Net Assets $ 55,074,652
Net Asset Value, offering price and re-demption price per unit ($55,074,652 / 3,340,123 units) $ 16.49
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 607,832ExpensesManagement and administration fees $ 160,993
Total expenses 160,993
Net investment income (loss) 446,839Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (52,768)Capital gain distributions from underlying
funds 1,338,143 1,285,375Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 2,827,669Net gain (loss) 4,113,044Net increase (decrease) in net assets result-
ing from operations $ 4,559,883
168Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2027 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 446,839 $ 399,648Net realized gain (loss) 1,285,375 1,370,580Change in net unrealized appreciation (depreciation) 2,827,669 (2,977,323)Net increase (decrease) in net assets resulting from operations 4,559,883 (1,207,095)
Unit transactionsProceeds from sales of units 15,103,773 12,521,077Cost of units redeemed (3,127,836) (2,218,300)Net increase (decrease) in net assets resulting from unit transactions 11,975,937 10,302,777Total increase (decrease) in net assets 16,535,820 9,095,682
Net AssetsBeginning of period 38,538,832 29,443,150End of period $ 55,074,652 $ 38,538,832
Other InformationUnit transactions
Sold 967,257 793,074Redeemed (200,288) (140,590)Net increase (decrease) 766,969 652,484
Financial Highlights UNIQUE Portfolio 2027 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 14.98 $ 15.33 $ 13.98 $ 12.07 $ 10.00Income from Investment Operations
Net investment income (loss) B .15 .18 .13 .14 .12Net realized and unrealized gain (loss) 1.36 (.53) 1.22 1.77 1.95
Total increase (decrease) from investment operations 1.51 (.35) 1.35 1.91 2.07Net asset value, end of period $ 16.49 $ 14.98 $ 15.33 $ 13.98 $ 12.07
Total Return 10.08% (2.28)% 9.66% 15.82% 20.70%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 55,075 $ 38,539 $ 29,443 $ 17,261 $ 6,450Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets .97% 1.12% .89% 1.09% 1.03%Portfolio Turnover Rate 63% 16% 30% 17% 27%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
169 Annual Report
UNIQUE Portfolio 2030 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsJPMorgan U.S. Equity Fund Class A 15.7Fidelity Large Cap Value Enhanced Index Fund 9.4AB Select U.S. Equity Portfolio Class A 8.0JPMorgan Small Cap Equity Fund Class A 7.0MFS Research International Fund A Shares 5.5Acadian Emerging Markets Portfolio Institutional Class 5.5Fidelity Growth Company Fund 5.3BBH Core Select Fund – Retail Class 4.3MFS International Value Fund A Shares 4.1Loomis Sayles Growth Fund 4.0
68.8
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 55.4%
Non – U.S. Equity Funds 27.0%
Bond Funds 17.5%
Short-Term Funds 0.1%
Net Other Assets (Liabilities) 0.0%
170Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 55.4%Shares Value
AB Select U.S. Equity Portfolio Class A 424,824 $ 6,419,084BBH Core Select Fund - Retail Class 257,219 3,423,584Credit Suisse Commodity Return
Strategy Fund 208,673 1,030,845Fidelity Growth Company Fund 30,099 4,274,299Fidelity Large Cap Value Enhanced
Index Fund 663,276 7,488,384JPMorgan Small Cap Equity Fund
Class A 126,638 5,558,152JPMorgan U.S. Equity Fund Class A 866,513 12,495,121Loomis Sayles Growth Fund 252,726 3,217,196PIMCO CommoditiesPLUS Strategy
Fund Admin Class 56,840 345,019
TOTAL U.S. EQUITY FUNDS(Cost $41,763,306) 44,251,684
Non – U.S. Equity Funds – 27.0%
Acadian Emerging Markets Portfolio Institutional Class 252,820 4,376,321
Causeway International Value Fund Investor Class 229,232 3,200,081
Fidelity Canada Fund 13,109 642,492MFS International Value Fund A Shares 86,064 3,239,432MFS Research International Fund A
Shares 275,170 4,402,717Oppenheimer Developing Markets
Fund Class A 86,396 2,960,807William Blair International Growth
Fund Class N 108,801 2,752,661
TOTAL NON – U.S. EQUITY FUNDS(Cost $21,125,722) 21,574,511
Bond Funds – 17.5%
BlackRock High Yield Bond Portfolio Investor A Class 101,355 771,312
Fidelity Floating Rate High Income Fund 20,132 192,459Fidelity Investment Grade Bond Fund 126,242 1,013,723Fidelity New Markets Income Fund 30,723 502,021Fidelity Real Estate Income Fund 30,131 364,889Fidelity Total Bond Fund 140,901 1,530,183Hotchkis and Wiley High Yield Fund
Class A 66,944 793,952MainStay High Yield Corporate Bond
Fund Class A 117,592 676,152Metropolitan West Total Return Bond
Fund Class M 185,308 2,042,100PIMCO Real Return Fund Administrative
Class 40,532 455,178PIMCO Total Return Fund
Administrative Class 197,737 2,048,553
UNIQUE Portfolio 2030 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 103,199 $ 1,529,409
Western Asset Core Bond Fund Class F 160,290 2,043,701
TOTAL BOND FUNDS(Cost $13,570,633) 13,963,632
Short-Term Funds – 0.1%
Fidelity Conservative Income Bond Fund Institutional Class 1,916 19,221
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 12,911 12,911
Fidelity Short-Term Bond Fund 1,494 12,924
TOTAL SHORT-TERM FUNDS(Cost $45,055) 45,056
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $76,504,716) 79,834,883
NET OTHER ASSETS (LIABILITIES) – 0.0% (23,309)
NET ASSETS – 100% $79,811,574
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
171 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$76,504,716) $ 79,834,883Receivable for investments sold 515,782Receivable for units sold 45,958
30,207Total assets 80,426,830
LiabilitiesPayable for investments purchased $ 585,734Accrued management and administration
fees 22,572Payable for units redeemed 6,950
Total liabilities 615,256Net Assets $ 79,811,574
Net Asset Value, offering price and re-demption price per unit ($79,811,574 / 4,734,768 units) $ 16.86
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 781,616ExpensesManagement and administration fees $ 240,787
Total expenses 240,787
Net investment income (loss) 540,829Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (392,883)Capital gain distributions from underlying
funds 2,286,313 1,893,430Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 4,799,209Net gain (loss) 6,692,639Net increase (decrease) in net assets result-
ing from operations $ 7,233,468
172Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2030 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 540,829 $ 494,856Net realized gain (loss) 1,893,430 1,937,156Change in net unrealized appreciation (depreciation) 4,799,209 (4,699,535)Net increase (decrease) in net assets resulting from operations 7,233,468 (2,267,523)
Unit transactionsProceeds from sales of units 18,219,652 19,843,482Cost of units redeemed (3,672,256) (3,409,875)Net increase (decrease) in net assets resulting from unit transactions 14,547,396 16,433,607Total increase (decrease) in net assets 21,780,864 14,166,084
Net AssetsBeginning of period 58,030,710 43,864,626End of period $ 79,811,574 $ 58,030,710
Other InformationUnit transactions
Sold 1,152,521 1,227,239Redeemed (231,241) (210,452)Net increase (decrease) 921,280 1,016,787
Financial Highlights UNIQUE Portfolio 2030 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 2013 2012 A
Selected Per Unit Data Net asset value, beginning of period $ 15.22 $ 15.68 $ 14.22 $ 12.12 $ 10.00Income from Investment Operations
Net investment income (loss) B .13 .15 .12 .14 .12Net realized and unrealized gain (loss) 1.51 (.61) 1.34 1.96 2.00
Total increase (decrease) from investment operations 1.64 (.46) 1.46 2.10 2.12Net asset value, end of period $ 16.86 $ 15.22 $ 15.68 $ 14.22 $ 12.12
Total Return 10.78% (2.93)% 10.27% 17.33% 21.20%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 79,812 $ 58,031 $ 43,865 $ 21,076 $ 5,568Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets .79% .92% .80% 1.08% 1.02%Portfolio Turnover Rate 63% 10% 31% 12% 23%
A For the period September 28, 2011 (commencement of operations) to September 30, 2012.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.
173 Annual Report
UNIQUE Portfolio 2033 (Multi-Firm)
Investment Summary
Top Holdings as of September 30, 2016% of Portfolio’s
net assetsJPMorgan U.S. Equity Fund Class A 18.2Fidelity Large Cap Value Enhanced Index Fund 10.9AB Select U.S. Equity Portfolio Class A 9.4JPMorgan Small Cap Equity Fund Class A 8.2MFS Research International Fund A Shares 6.4Fidelity Growth Company Fund 6.3Acadian Emerging Markets Portfolio Institutional Class 6.1BBH Core Select Fund – Retail Class 5.0MFS International Value Fund A Shares 4.8Loomis Sayles Growth Fund 4.7
80.0
Asset Allocation (% of Portfolio’s net assets)
U.S. Equity Funds 64.5%
Non – U.S. Equity Funds 31.0%
Bond Funds 4.5%
Short-Term Funds 0.0%
Net Other Assets (Liabilities) 0.0%
174Annual Report
See accompanying notes which are an integral part of the financial statements.
U.S. Equity Funds – 64.5%Shares Value
AB Select U.S. Equity Portfolio Class A 162,444 $ 2,454,526BBH Core Select Fund - Retail Class 99,503 1,324,381Credit Suisse Commodity Return
Strategy Fund 69,974 345,670Fidelity Growth Company Fund 11,574 1,643,573Fidelity Large Cap Value Enhanced
Index Fund 254,271 2,870,723JPMorgan Small Cap Equity Fund
Class A 48,751 2,139,676JPMorgan U.S. Equity Fund Class A 330,916 4,771,816Loomis Sayles Growth Fund 97,446 1,240,486PIMCO CommoditiesPLUS Strategy
Fund Admin Class 19,717 119,680
TOTAL U.S. EQUITY FUNDS(Cost $16,189,181) 16,910,531
Non – U.S. Equity Funds – 31.0%
Acadian Emerging Markets Portfolio Institutional Class 91,864 1,590,168
Causeway International Value Fund Investor Class 87,980 1,228,198
Fidelity Canada Fund 4,992 244,660MFS International Value Fund A Shares 33,244 1,251,308MFS Research International Fund A
Shares 105,889 1,694,218Oppenheimer Developing Markets
Fund Class A 30,876 1,058,122William Blair International Growth
Fund Class N 42,129 1,065,867
TOTAL NON – U.S. EQUITY FUNDS(Cost $7,914,556) 8,132,541
Bond Funds – 4.5%
BlackRock High Yield Bond Portfolio Investor A Class 24,111 183,485
Fidelity Floating Rate High Income Fund 5,314 50,805Fidelity Investment Grade Bond Fund 2,029 16,293Fidelity New Markets Income Fund 7,875 128,682Fidelity Real Estate Income Fund 12,148 147,116Fidelity Total Bond Fund 2,251 24,448Hotchkis and Wiley High Yield Fund
Class A 15,872 188,239MainStay High Yield Corporate Bond
Fund Class A 28,152 161,876Metropolitan West Total Return Bond
Fund Class M 2,956 32,576PIMCO Real Return Fund Administrative
Class 14,050 157,779PIMCO Total Return Fund
Administrative Class 3,148 32,612
UNIQUE Portfolio 2033 (Multi-Firm)
Investments September 30, 2016Showing Percentage of Net Assets
Shares Value
Prudential Total Return Bond Fund Class A 1,649 $ 24,444
Western Asset Core Bond Fund Class F 2,556 32,584
TOTAL BOND FUNDS(Cost $1,128,647) 1,180,939
Short-Term Funds – 0.0%
Fidelity Conservative Income Bond Fund Institutional Class 524 5,253
Fidelity Investments Money Market Government Portfolio Institutional Class 0.31% (a) 3,938 3,938
Fidelity Short-Term Bond Fund 456 3,940
TOTAL SHORT-TERM FUNDS(Cost $13,131) 13,131
TOTAL INVESTMENT PORTFOLIO – 100.0%(Cost $25,245,515) 26,237,142
NET OTHER ASSETS (LIABILITIES) – 0.0% (7,332)
NET ASSETS – 100% $26,229,810
Legend(a) The rate quoted is the annualized seven-day yield of the fund at
period end.
175 Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Multi-Firm)
Financial Statements
Statement of Assets and Liabilities
September 30, 2016
AssetsInvestments in securities at value (cost
$25,245,515) $ 26,237,142Receivable for investments sold 187,197Receivable for units sold 42,161Distributions receivable 3,469
Total assets 26,469,969
LiabilitiesPayable for investments purchased $ 229,705Accrued management and administration
fees 7,308Payable for units redeemed 3,146
Total liabilities 240,159Net Assets $ 26,229,810
Net Asset Value, offering price and re-demption price per unit ($26,229,810 / 2,318,773 units) $ 11.31
Statement of Operations
Year ended September 30,
2016
Investment IncomeIncome distributions from underlying funds $ 148,068ExpensesManagement and administration fees $ 63,316
Total expenses 63,316
Net investment income (loss) 84,752Realized and Unrealized Gain (Loss) on
InvestmentsNet realized gain (loss) on sale of underly-
ing funds’ shares (435,908)Capital gain distributions from underlying
funds 542,869 106,961Change in net unrealized appreciation
(depreciation) on underlying funds’ shares 1,875,727Net gain (loss) 1,982,688Net increase (decrease) in net assets result-
ing from operations $ 2,067,440
176Annual Report
See accompanying notes which are an integral part of the financial statements.
UNIQUE Portfolio 2033 (Multi-Firm)Financial Statements – continued
Statement of Changes in Net Assets
Year ended September 30,
2016
Year ended September 30,
2015Increase (Decrease) in Net Assets:
OperationsNet investment income (loss) $ 84,752 $ 36,685Net realized gain (loss) 106,961 144,482Change in net unrealized appreciation (depreciation) 1,875,727 (877,682)Net increase (decrease) in net assets resulting from operations 2,067,440 (696,515)
Unit transactionsProceeds from sales of units 14,709,763 9,376,371Cost of units redeemed (1,148,136) (450,336)Net increase (decrease) in net assets resulting from unit transactions 13,561,627 8,926,035Total increase (decrease) in net assets 15,629,067 8,229,520
Net AssetsBeginning of period 10,600,743 2,371,223End of period $ 26,229,810 $ 10,600,743
Other InformationUnit transactions
Sold 1,382,266 859,393Redeemed (106,628) (41,244)Net increase (decrease) 1,275,638 818,149
Financial Highlights UNIQUE Portfolio 2033 (Multi-Firm)
Periods ended September 30, 2016 2015 2014 A
Selected Per Unit Data Net asset value, beginning of period $ 10.16 $ 10.54 $ 10.00Income from Investment Operations
Net investment income (loss) B .05 .06 .04Net realized and unrealized gain (loss) 1.10 (.44) .50
Total increase (decrease) from investment operations 1.15 (.38) .54Net asset value, end of period $ 11.31 $ 10.16 $ 10.54
Total Return 11.32% (3.61)% 5.40%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 26,230 $ 10,601 $ 2,371Ratio of expenses to average net assets .35% .35% .35%D
Ratio of net investment income (loss) to average net assets .47% .54% .49%D
Portfolio Turnover Rate 55% 9% 45%D
A For the period December 18, 2013 (commencement of operations) to September 30, 2014.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.D Annualized
177 Annual Report
Notes to Financial StatementsFor the period ended September 30, 2016
1. Organization:
The New Hampshire Higher Education Savings Plan Trust (Trust) was formed to establish and maintain a qualified tuition program under section 529 of the Internal Revenue Code of 1986, as amended. The Treasurer of the State of New Hampshire (State of New Hampshire) is the Trustee of the Trust.
These financials report on the following Portfolios (Portfolios):
UNIQUE College Portfolio (Fidelity Funds) UNIQUE Portfolio 2030 (Fidelity Index)UNIQUE Portfolio 2015 (Fidelity Funds) UNIQUE Portfolio 2033 (Fidelity Index)UNIQUE Portfolio 2018 (Fidelity Funds) UNIQUE Conservative Portfolio (Fidelity Index)UNIQUE Portfolio 2021 (Fidelity Funds) UNIQUE Moderate Growth Portfolio (Fidelity Index)UNIQUE Portfolio 2024 (Fidelity Funds) UNIQUE Aggressive Growth Portfolio (Fidelity Index)UNIQUE Portfolio 2027 (Fidelity Funds) UNIQUE Intermediate Treasury Index PortfolioUNIQUE Portfolio 2030 (Fidelity Funds) UNIQUE International Index PortfolioUNIQUE Portfolio 2033 (Fidelity Funds) UNIQUE Fidelity 500 Index PortfolioUNIQUE Conservative Portfolio (Fidelity Funds) UNIQUE Total Market Index PortfolioUNIQUE Moderate Growth Portfolio (Fidelity Funds) UNIQUE Bank Deposit PortfolioUNIQUE Aggressive Growth Portfolio (Fidelity Funds) UNIQUE College Portfolio (Multi-Firm)UNIQUE Money Market Portfolio UNIQUE Portfolio 2015 (Multi-Firm)UNIQUE College Portfolio (Fidelity Index) UNIQUE Portfolio 2018 (Multi-Firm)UNIQUE Portfolio 2015 (Fidelity Index) UNIQUE Portfolio 2021 (Multi-Firm)UNIQUE Portfolio 2018 (Fidelity Index) UNIQUE Portfolio 2024 (Multi-Firm)UNIQUE Portfolio 2021 (Fidelity Index) UNIQUE Portfolio 2027 (Multi-Firm)UNIQUE Portfolio 2024 (Fidelity Index) UNIQUE Portfolio 2030 (Multi-Firm)UNIQUE Portfolio 2027 (Fidelity Index) UNIQUE Portfolio 2033 (Multi-Firm)
Fidelity Funds Portfolios invest in a combination of Fidelity equity, commodity, fixed-income and short-term funds, which are primarily actively managed by Fidelity Management & Research Company (FMR), an affiliated adviser or sub-adviser, or Geode Capital Management, LLC (Geode), a registered investment adviser. Fidelity Index Portfolios invest in a combination of Fidelity equity, commodity, fixed-income and short-term funds, which are primarily passively managed by FMR, an affiliated adviser or sub-adviser, or Geode. There are individual fund Portfolios which invest in a single equity, fixed-income or money market fund, also managed by FMR, an affiliated adviser or sub-adviser, or Geode. UNIQUE Bank Deposit Portfolio invests in an interest-bearing account held at Wells Fargo Bank, N.A. Multi-Firm Portfolios invest in a combination of equity, commodity, fixed-income and short-term funds managed by FMR, an affiliated adviser or sub-adviser, or Geode, and non-affiliated mutual funds that participate in Fidelity’s Funds-Network (Third Party funds). Third Party funds and Fidelity equity, commodity, fixed-income and short-term funds are collectively referred to as Underlying Funds.
Effective June 14, 2016, the Spartan® 500 Index Fund was renamed Fidelity® 500 Index Fund, Spartan® Total Market Index Fund was renamed Fidelity® Total Market Index Fund, Spartan® Intermediate Treasury Bond Index Fund was renamed Fidelity® Intermediate Treasury Bond Index Fund, Spartan® U.S. Bond Index Fund was renamed Fidelity® U.S. Bond Index Fund, and Spartan® International Index Fund was renamed Fidelity® International Index Fund. Also, effective June 14, 2016, the UNIQUE Spartan® 500 Index Portfolio was renamed UNIQUE Fidelity® 500 Index Portfolio.
2. Significant Accounting Policies:
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, December 22, 2016 have been evaluated in the preparation of the financial statements. The Portfolios qualify as investment companies under FASB ASC 946 Financial Services -Investment Companies and follow the accounting and reporting guidance for investment companies. The Portfolios’ Schedules of Investments or Statements of Assets and Liabilities lists each of the Underlying Funds as an investment of each Portfolio but do not include the underlying hold-ings of each Underlying Fund. The following summarizes the significant accounting policies of the Portfolios:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Portfolio categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs
178Annual Report
Notes to Financial Statements – continued
Level 3 – unobservable inputs (including each Portfolio’s own assumptions based on the best information available)
Valuation techniques used to value each Portfolio’s investments by major category are as follows: Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If a Third Party fund’s NAV is unavailable, shares of that fund may be valued by another method that the FMR Fair Value Committee believes reflects fair value in accordance with fair value pricing policies adopted for the Portfolios and is categorized as Level 2 in the hierarchy. As of September 30, 2016, all investments held by the Portfolios are categorized as Level 1 under the Fair Value Hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Portfolios’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per unit for processing participant transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of average cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. There are no distributions of net invest-ment gains or net investment income to the Portfolios’ participants or beneficiaries.
Expenses. Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds.
Short-Term Trading (Redemption) Fees. Units held in UNIQUE International Index Portfolio and UNIQUE Total Market Index Portfolio less than 90 days are subject to a redemption fee equal to 1.00% and 0.50%, respectively, of the proceeds of the redeemed units. The fee is imposed by the mutual fund in which the Portfolio invests, not by the Portfolio. All redemption fees are retained by the fund, not by the Portfolio and are part of the fund’s assets.
Other. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by each Portfolio. The Portfolios do not file any tax returns since the Trust is exempt from federal and state income tax under Section 529 of the Internal Revenue Code.
3. Fees
The Trustee has entered into a Management and Administrative Services agreement with Fidelity Brokerage Services, LLC (FBS) to provide administrative, record keeping, distribution and marketing services to the Trust. According to this agreement and a related investment advisory agreement with FMR Co., Inc., an investment adviser registered under the Investment Advisers Act of 1940 that provides investment manage-ment services to the Trust, a Management and Administration Fee is charged to the Portfolios at an annual rate based on the net assets of each Portfolio. The Management and Administration Fee has up to three components, a Program Manager Fee that is paid to FMR Co., Inc., a Bank Administration Fee that is paid to FBS and a State Fee that is paid to the Trustee.
For Fidelity Funds Portfolios that invest in underlying actively managed funds, the Program Manager Fee is charged at an annual rate of .10%. For Fidelity Index Portfolios that invest in underlying index funds, the Program Manager Fee is charged at an annual rate of .04%. For Multi-Firm Portfolios that invest in Fidelity funds and Third party funds, the Program Manager Fee is charged at an annual rate of .25%. For UNIQUE Bank Deposit Portfolio, the Program Manager Fee is charged at an annual rate ranging from .00% to .05% depending on the daily Federal Funds Target Rate.
The Bank Administration Fee paid to Fidelity for its administration services in connection with UNIQUE Bank Deposit Portfolio is charged at an annual rate ranging from .00% to .40% depending on the daily Federal Funds Target Rate. The Bank Administration Fee is charged only to the Bank Deposit Portfolio.
For Fidelity Funds Portfolios that invest in underlying actively managed funds, the State Fee is charged at an annual rate of .10%. For Fidelity Index Portfolios that invest in underlying index funds, the State Fee is charged at an annual rate of .05%. For Multi-Firm Portfolios that invest in Fidelity funds and Third party funds, the State fee is charged at an annual rate of .10%. For UNIQUE Bank Deposit Portfolio, the State Fee is charged at an annual rate of .05%.
For the period ended September 30, 2016, FMR LLC voluntarily agreed to waive certain expenses of the UNIQUE Money Market Portfolio. Waivers are shown on the Portfolio’s Statement of Operations under the caption “Expense reductions”.
UNIQUE Money Market Portfolio $ 231,848
4. Other Information:
In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. The Portfolios’ maximum expo-sure under these arrangements is unknown as this would be dependent on future claims that may be made against the Portfolios. The risk of material loss from such claims is considered remote.
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The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets. At the end of the period, no Portfolios held a significant portion of the outstanding shares of any Underlying Fund.
5. Subsequent Events:
In December 2016, the following Portfolios liquidated and all remaining assets transferred as follows:
UNIQUE Portfolio 2015 (Fidelity Funds) transferred into UNIQUE College Portfolio (Fidelity Funds) UNIQUE Portfolio 2015 (Fidelity Index) transferred into UNIQUE College Portfolio (Fidelity Index) UNIQUE Portfolio 2015 (Multi-Firm) transferred into UNIQUE College Portfolio (Multi-Firm)
In December 2016, the following Portfolios commenced operations:
UNIQUE Portfolio 2036 (Fidelity Funds) UNIQUE Portfolio 2036 (Fidelity Index) UNIQUE Portfolio 2036 (Multi-Firm)
180Annual Report
Independent Auditor’s Report
To the Fiscal Committee of the General Court of the State of New Hampshire, the Trustee of the New Hampshire Higher Education Savings Plan Trust and the Participants of The UNIQUE College Investing Plan:
We have audited the accompanying financial statements of the UNIQUE College Investing Plan (“the Plan”), which comprise the statements of assets and liabilities, including the schedules of investments as of September 30, 2016, and the related statements of operations, of changes in net assets, and the financial highlights for the periods indicated for the following Portfolios (“the Portfolios”):
UNIQUE College Portfolio (Fidelity Funds) UNIQUE Portfolio 2030 (Fidelity Index)UNIQUE Portfolio 2015 (Fidelity Funds) UNIQUE Portfolio 2033 (Fidelity Index)UNIQUE Portfolio 2018 (Fidelity Funds) UNIQUE Conservative Portfolio (Fidelity Index)UNIQUE Portfolio 2021 (Fidelity Funds) UNIQUE Moderate Growth Portfolio (Fidelity Index)UNIQUE Portfolio 2024 (Fidelity Funds) UNIQUE Aggressive Growth Portfolio (Fidelity Index)UNIQUE Portfolio 2027 (Fidelity Funds) UNIQUE Intermediate Treasury Index PortfolioUNIQUE Portfolio 2030 (Fidelity Funds) UNIQUE International Index PortfolioUNIQUE Portfolio 2033 (Fidelity Funds) UNIQUE Fidelity 500 Index PortfolioUNIQUE Conservative Portfolio (Fidelity Funds) UNIQUE Total Market Index PortfolioUNIQUE Moderate Growth Portfolio (Fidelity Funds) UNIQUE Bank Deposit PortfolioUNIQUE Aggressive Growth Portfolio (Fidelity Funds) UNIQUE College Portfolio (Multi-Firm)UNIQUE Money Market Portfolio UNIQUE Portfolio 2015 (Multi-Firm)UNIQUE College Portfolio (Fidelity Index) UNIQUE Portfolio 2018 (Multi-Firm)UNIQUE Portfolio 2015 (Fidelity Index) UNIQUE Portfolio 2021 (Multi-Firm)UNIQUE Portfolio 2018 (Fidelity Index) UNIQUE Portfolio 2024 (Multi-Firm)UNIQUE Portfolio 2021 (Fidelity Index) UNIQUE Portfolio 2027 (Multi-Firm)UNIQUE Portfolio 2024 (Fidelity Index) UNIQUE Portfolio 2030 (Multi-Firm)UNIQUE Portfolio 2027 (Fidelity Index) UNIQUE Portfolio 2033 (Multi-Firm)
These financial statements and financial highlights are hereafter collectively referred to as “financial statements”.
Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles gener-ally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The proce-dures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Plan’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appro-priateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position at September 30, 2016, and the results of their operations, changes in their net assets, and the financial highlights for the periods indicated, in accordance with accounting principles generally accepted in the United States of America.
PricewaterhouseCoopers LLP Boston, Massachusetts December 22, 2016
brought to you by the State of New Hampshire managed by Fidelity Investments
The UNIQUE College Investing Plan is sponsored by the State of New Hampshire and administered by Fidelity Investments. Fidelity, Fidelity Investments, the pyramid design and Spartan are registered trademarks of FMR LLC. Strategic Advisers is a service mark of FMR LLC. The third-party marks appearing in this document are the marks of their respective owners.
Brokerage services provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC.
1.731493.120 535155.8.0 NH-CIT-ANN-1216